Shares of Beyond Meat (BYND) climbed on Tuesday after an analyst at Piper Sandler raised his price target for the stock following a survey of nearly 10,000 teens. The survey also showed that Snap (SNAP), Amazon (AMZN), and Apple (AAPL) remain favorites among the group of younger consumers.

BEYOND MEAT: Piper Sandler analyst Michael Lavery raised the firm's price target on Beyond Meat to $178 from $130 and kept a Neutral rating on the shares. The firm questioned 9,825 teens in the firm's semiannual survey and found that, among other things, 18% of them are consuming plant-based meat. Of the 82% of teens who haven’t eaten plant-based meat, 35% are open to trying it, according to the survey. Lavery notes that in the firm's February 2020 survey of 3,500 U.S. adults across all ages, only 20% of those who had not tried plant-based meat were open to trying it. This suggests that plant-based eating is more on-trend with younger consumers, which could drive growth over time as consumers age, says the analyst. He believes the teen survey results suggest Impossible and Beyond are the early leaders in plant-based meat brand awareness, as they had the most mentions among brands tried by teens.

Beyond Meat competitor, Impossible Foods was the most popular brand among survey respondents, with 37% of teens calling out Impossible, while Beyond was mentioned by 33% of respondents.

Lavery said he expects plant-based meat’s "rapid growth to continue, as teens are more willing to try it than older consumers," adding that "Beyond is one of the early leaders in this growing category, but growing competitive pressure remains a risk."

OTHER FAVORITES: The survey also called out Apple, Amazon, and Snap as favorites among teens. 86% of teens have an Apple iPhone, 54% claim Amazon as their favorite e-commerce site, TikTok moved ahead of Facebook's (FB) Instagram as the number two favorite social media platform behind Snapchat, which remained number one, and video games hit a new peak, analysts including Erinn Murphy and Nicole Miller Regan told investors in their own research notes.

Athletic brands dominate top fashion preferences among teens, with notable gains in Nike (NKE) and Lululemon Athletica (LULU), according to the analysts.

The analysts also view the survey results as positive for Activision Blizzard (ATVI), Chipotle Mexican Grill (CMG), Campbell Soup (CPB), Crocs (CROX), Dunkin' Brands (DNKN), e.l.f. Beauty (ELF), Kellogg (K), Mondelez (MDLZ), Netflix (NFLX), and Ulta Beauty (ULTA).

NEGATIVE TO MIXED: The survey results were negative for Capri Holdings (CPRI), Ralph Lauren (RL), Under Armour (UAA), and mixed for Starbucks (SBUX), Tapestry (TPR), Adidas (ADDYY), VF Corp. (VFC) and Estee Lauder (EL), added Piper's analysts.

PRICE ACTION: In late morning trading, Beyond Meat shares gained nearly 5% to $183.84.