JPMorgan analyst Ken Goldman downgraded Beyond Meat (BYND) to Neutral from Overweight while raising his price target for the shares to $121 from $120.
The stock at around $168 "requires assumptions we are not yet comfortable with," Goldman tells investors in a research note titled "Beyond Our Price Target."
The analyst believes Beyond Meat's risk/reward is now balanced following the recent share rally.
Goldman, however, remains "highly favorable" to the total addressable market for alternative meat and Beyond Meat's role within it. Further, he still thinks consensus estimates for both sales and EBITDA are too conservative.
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