Beyond Meat earnings report a ‘positive surprise,’ says JPMorgan

JPMorgan views Beyond Meat’s Q4 print and guidance as a "positive surprise." The firm expects consensus fiscal 2023 EBITDA estimates to move higher and says Beyond deserves credit for becoming more disciplined regarding profits and cash. However, the company’s Beyond sales were still down 21% in Q4, and both the gross margin and operating cash flow remained negative, the analyst tells investors in a research note. With a capital raise likely ahead, no real indication that consumer demand for the product is recovering, and guidance that it doesn’t view as conservative, JPMorgan remains comfortable with an Underweight rating.