Shares of Beyond Meat Inc surged 19% in early trading on Friday as the plant-based meat maker's results indicated that its cost-control measures were finally bearing fruit.
"Beyond Meat deserves credit for becoming more disciplined regarding profits and cash," J.P. Morgan analyst Ken Goldman said.Still, analysts cautioned that the demand for plant-based meat remained weak, and that Beyond Meat faced a long road to profitability.
"We are encouraged by tighter cost management, but for us to become constructive, demand will have to increase - on this, we remain skeptical," Cowen analyst Brian Holland said. Analysts hold a largely bearish view on Beyond Meat, with seven of 17 brokerages covering its stock rating it "sell" or lower, and 10 giving it a "hold" rating, according to Refinitiv data. It has a median price target of $12.50, which is 27% below the stock's last closing price.
"This was another cautiously more positive quarter, although the company is by no means out of the woods yet," Bernstein analyst Alexia Howard said.Our Standards:
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