Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Beyond Meat (NASDAQ: BYND) shares have jumped on Thursday after announcing that it will launch its first-ever value 6-pack of its Beyond Burger in Canada.
Supermarkets in Canada will now carry the 6-pack of plant-based burger patties with a suggested retail price of C$19.99.
“As the weather warms up and Canadians fire up their grills for backyard BBQs, we are excited to launch the Beyond Burger 6-pack nationwide at a more affordable price point, enabling Canadians to Eat What You Love while enjoying the nutritional and environmental benefits of plant-based protein,” said Heena Verma, Marketing Director, Canada, Beyond Meat.
On Monday, Bernstein analyst Alexia Howard upgraded Beyond Meat shares to Outperform from Underperform with a $130 price target. Howard said that while 2022 sales expectations have fallen by 35% from pre-pandemic levels, it is a “broken growth story”.
The Bernstein analyst expects foodservice channels to rebound as consumer mobility improves, the opening of the Netherlands plant to improve Beyond's cost position in Europe, and the McDonald's global relationship will “buoy sales meaningfully” in 2022.
Based on 12 Wall Street analysts surveyed by TipRanks, the average price target for the stock is $122.60, a 12.19% decrease from its current price.
Beyond Meat's share price is currently trading at $139.62, up 10.16%.
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