Beyond Meat price target lowered to $9 from $13 at Bernstein

Bernstein lowered the firm’s price target on Beyond Meat to $9 from $13 and keeps a Market Perform rating on the shares following quarterly results. It seems a combination of higher consumer concern about climate change combined with lower price points in Europe as well as co-branding of Beyond Meat on the menus of important QSRs is coming together to drive very solid top line growth in both retail and foodservice channels, the firm says. And it seems the market is expanding more rapidly in Europe with Beyond Meat having a relatively lower market share versus multiple local players. This could mean an opportunity for Beyond Meat to gain share as recognition from foodservice channels creates a halo effect, Bernstein argues. By contrast, pressures in the U.S. persist, it adds.