UBS analyst Erika Jackson upgraded Beyond Meat (BYND) to Neutral from Sell with a price target of $107, down from $110.
The analyst reduced fiscal 2021 EBITDA estimates by 20% to reflect last night's Q3 miss and continued foodservice pressure. However, around $116 per share, the lower estimates, COVID-19 challenges, and price headwinds are now reflected in the stock price, Jackson tells investors in a research note.
The analyst now sees Beyond Meat's risk/reward as more balanced.
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