Citi Upgrades Beyond Meat To Buy With 'New-Found Enthusiasm' For Long-Term Story

Citi analyst Wendy Nicholson upgraded Beyond Meat (BYND) to Buy from Neutral with a $184 price target.

While the company reported a disappointing end to 2020, largely owing to weak foodservice revenues and higher-than-expected overhead costs, Nicholson considers the issues that impacted Q4 to be mostly temporary and sees much of the bad news as already well-known and largely priced into the stock.

Meanwhile, she has a "new-found enthusiasm for the longer-term story" driven by Beyond's recent new partnerships with PepsiCo (PEP), McDonald's (MCD), and Yum! Brands (YUM), the analyst tells investors.