Beyond Meat price target lowered to $13 from $14 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Beyond Meat to $13 from $14 and keeps a Market Perform rating on the shares. The company’s revenue missed consensus estimates while its management lowered its 2023 sales and margin guidance, adding that it is now unlikely to achieve positive cash flow in the second half of the year, the analyst tells investors in a research note. While Beyond Meat expects revenue growth over the balance of the year, BMO continues to see challenges to its sales trajectory and underlying margin recovery, the firm adds.