Beyond Meat price target lowered to $11 from $27 at Mizuho

Mizuho analyst John Baumgartner lowered the firm’s price target on Beyond Meat to $11 from $27 and keeps a Neutral rating on the shares post the Q3 results. The company’s "path for recovery is daunting," Baumgartner tells investors in a research note. Following 21 months of category retail volume declines, priority on cost controls and cash generation is prudent, says the analyst. However, he believes Beyond Meat’s positive free cash flow, targeted within the second half of 2023, seems aggressive absent a material revenue recovery.