BTIG analyst Peter Saleh downgraded Beyond Meat (BYND) to Neutral from Buy without a price target.

The analyst believes growth through the retail channel will not be enough to sustain the company's growth rate and "hefty trading multiple" in 2021. While Saleh continues to believe in the long-term trend toward plant-based meats in the grocery and foodservice channels, he expects restaurant operators will remain focused on throughput over menu innovation, limiting adoption and sales growth through the foodservice channel this year. Further, recent international lockdowns, primarily across Europe, will continue to weigh on new partnerships and sales growth for Beyond Meat until a vaccine is widely available and dining rooms reopen, says the analyst.

Shah cites a weaker sales growth outlook, heightened price competition, and "elevated valuation" for the downgrade of the shares.