Beyond Meat Inc (NASDAQ: BYND) is trading higher Tuesday after Piper Sandler upgraded the stock and raised its price target.
Beyond Meat Inc (NASDAQ:BYND) is trading higher Tuesday after Piper Sandler upgraded the stock and raised its price target.
Piper Sandler analyst Michael Lavery upgraded Beyond Meat from an Underweight rating to a Neutral rating and raised the price target from $61 to $64.
Lavery now expects McDonald's Corp's (NYSE:MCD) McPlant burger to be rolled out in all of McDonald's locations toward the end of first quarter 2022. The burger, which is being supplied by Beyond Meat, is currently being tested in eight McDonald's locations.
With the McPlant launch expected to come sooner than previously anticipated, the Piper Sandler analyst revised his revenue forecast for 2022 and 2023. Lavery now expects Beyond Meat to generate $600 million in 2022, up from $565 million. He also increased his 2023 revenue estimate from $685 million to $695 million.
Beyond Meat is a provider of plant-based meats such as burgers, sausage, ground beef and chicken.
BYND Price Action: Beyond Meat has traded as high as $221 and as low as $62.06 over a 52-week period.
The stock was up 4.86% at $66.50 Tuesday morning.
Photo: courtesy of Beyond Meat.