Beyond Meat price target lowered to $6 from $9 at BMO Capital

BMO Capital lowered the firm’s price target on Beyond Meat to $6 from $9 and keeps a Market Perform rating on the shares. The company’s Q2 revenue and gross margins topped expectations but EBITDA was $1M below on higher operating expenses, the analyst tells investors in a research note. Beyond Meat is making progress right-sizing cost structure and slowing cash burn, but the firm remains cautious on U.S. category adoption – particularly in the challenged consumer spending environment, BMO added.