Goldman Sachs Starts Beyond Meat At Neutral, Sees 16% Downside Potential

Goldman Sachs analyst Adam Samuelson last night initiated coverage of Beyond Meat (BYND) with a Neutral rating and $67 price target.

The stock closed Friday down $2.43 to $79.67.

With shares trading at 22.9 times 2019 enterprise value to sales, "strong" near-to-medium term sales momentum are already "more-than-fairly" discounted, Samuelson tells investors in a research note.

Further, the analyst sees "considerable risk" to Beyond Meat's longer-term ability to further expand production/raw material supply, sustain its pace of product innovation, and remain differentiated versus established food companies entering the plant-based protein market.