Stock Alert: Beyond Meat Tumbles 11%
Shares of Beyond Meat Inc. (BYND) are falling more than 11 percent or $16.29 in Monday’s morning trade at $125.39.
According to reports, the plant-based meat maker’s stock was downgraded by two notches to “underweight” from “overweight” by Barclays, and assigned a price target of $115.
Barclays analyst Benjamin Theurer reportedly noted that Beyond Meat’s rising exposure to the foodservice channel poses downside risk in the short to medium term as a full foodservice recovery may not take place until 2021.
The stock has traded in a range of $48.18 to $239.71 in the past 52 weeks.
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