Mizuho Securities cut its stock price target on Beyond Meat Inc. to $12 from $20 on Friday and said material headwinds persist for the maker of plant-based...
Mizuho Securities cut its stock price target on Beyond Meat Inc.
to $12 from $20 on Friday and said material headwinds persist for the maker of plant-based substitute meat products. That’s after Beyond Meat reported a fiscal first-quarter net loss of $59 million, or 92 cents a share, this week, compared with a net loss of $100.5 million, or $1.58 a share, in the year-ago quarter. Revenue declined 16% to $92.2 million from $109.5 million a year ago. But sales exceeded analysts’ expectations, and Beyond Meat offered encouraging revenue guidance.
to $12 from $20 on Friday and said material headwinds persist for the maker of plant-based substitute meat products. That’s after Beyond Meat reported a fiscal first-quarter net loss of $59 million, or 92 cents a share, this week, compared with a net loss of $100.5 million, or $1.58 a share, in the year-ago quarter. Revenue declined 16% to $92.2 million from $109.5 million a year ago. But sales exceeded analysts’ expectations, and Beyond Meat offered encouraging revenue guidance.
’s most pressing issues; repeat purchase & lack of new trial,” he wrote in a note to clients. Management is planning new protein launches including a plant-based “chicken” and new frozen products along with a new type of burger, while distribution of its jerky product is moving in-house as excess inventory needs to be reduced. “Street expectations are low, but execution risk remains high,” the analyst wrote.
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