- The stock surged 69% over the last few days on sales forecast
- JP Morgan analyst downgrades stock’s rating to neutral
- Shares down 25% yesterday
JP Morgan Chase & Co. (NYSE:JPM), one of Beyond Meat’s leading underwriters, has downgraded the stock from “overweight” to “neutral”, mainly due to a 69% surge in the stock price as a result of the forecast which sees the firm’s sales doubling this year.
As such, the stock’s price has reached a point where it’s “beyond our price target”, JP Morgan analyst Ken Goldman said.
As a result, shares of Beyond Meat closed 25% lower yesterday.