Who's craving a plant-lettuce-tomato burger from McDonald's?
Shares of Beyond Meat Inc. soared in early Thursday trading, after McDonald’s Corp. said it will launch in Canada a test using a plant-based burger patty made by the company.
“McDonald’s has a proud legacy of fun, delicious and craveable food—and now, we’re extending that to a test of a juicy, plant-based burger,” said Ann Wahlgren, McDonald’s vice president of global menu strategy. “We’ve been working on our recipe and now we’re ready to hear feedback from our customers.”
Jefferies analyst Kevin Grundy said that Beyond Meat’s partnership with McDonald’s has the potential to “significantly boost” sales if it is rolled out beyond the testing phase. He estimates that a shift of 1% to 6% of McDonald’s beef volume in the U.S. could add $50 million to $285 million to fiscal 2020 sales.
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