Piper Sandler analyst Michael Lavery remains bearish on Beyond Meat as U.S. retail sales declines continue to accelerate and EBITDA margins remain pressured. Though improvement may come in the second half as guided, the firm still expects further downside in the near-term and sees “many fundamental challenges” that are “not quickly fixed.” The firm, which lowered its 2023 sales forecast to about $380M from about $390M and its 2024 sales view to $425M from $450M, maintains an Underweight rating and $6 price target on the stock, which it contends “looks too rich relative to its outlook.”
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