Beyond Meat Expectations High Into This Week's Q1 Results, Says Jefferies

Jefferies analyst Kevin Grundy maintains a Hold rating on Beyond Meat (BYND) saying expectations are high into the company's Q1 results on June 6. Given "broad-based" business momentum, expectations of a McDonald's (MCD) contract win, and "positive" recent news flow, the market widely expects an upward revision to Beyond Meat's outlook, Grundy tells investors in a pre-earnings research note.

The analyst believes Beyond Meat is "arguably" the best story in staples, but he thinks the market is already discounting a "bluesky" scenario. He keeps an $85 price target on the shares. Beyond Meat closed Friday at $104.12.