Beyond Meat price target lowered to $10 from $22 at Bernstein

Bernstein analyst Alexia Howard lowered the firm’s price target on Beyond Meat to $10 from $22 and keeps a Market Perform rating on the shares. The analyst notes Beyond Meat’s Q3 results continued their downward trajectory although the rate of cash burn moderated this quarter. Management noted that it is now pivoting to a sustainable growth model, with a focus on achieving positive cash flow in the second half of 2023, Howard writes. She also points out that while input cost pressures have clearly taken their toll this quarter, what is perhaps more alarming is the lack of pricing power. While other companies in the packaged food sector are seeing pricing up by mid-teens year-over-year, Beyond Meat’s net revenue per pound fell by -11.2% year-over-year this quarter, she adds.