Beyond Meat Price Target Lowered To $138 From $189 At JPMorgan

JPMorgan analyst Ken Goldman lowered his price target for Beyond Meat (BYND) to $138 from $189 while maintaining an Overweight rating on the shares following the company's Q3 results. 

The stock in premarket trading is down 16.5%, or $17.41, to $88.00. The primary reason for the price target reduction is reduced revenue forecasts for 2025 and beyond, Goldman tells investors in a research note.

However, the analyst still believes in the Beyond Meat story and thinks the shares are undervalued. Much depends on the amount of selling pressure over the next few days, says Goldman, who points out that approximately three-fourths of the shares come unlocked today.

What is less apparent, though, is the number of shareholders willing to sell with the stock down well over 50% from its high, Goldman says.

Nonetheless, the analyst remains confident about Beyond's near- and medium-term potential, and he thinks management's guidance for Q4 is conservative.