Piper Boosts Beyond Meat Target To $178 After Surveying 9,825 Teens
Piper Sandler analyst Michael Lavery raised the firm's price target on Beyond Meat (BYND) to $178 from $130 and keeps a Neutral rating on the shares.
The stock closed Monday up $9.25 to $175.49.
Of the 9,825 teens questioned in Piper's semiannual survey, 47% either consume or are open to consuming plant-based meat, in-line with the prior survey that found an inverse relationship between age and interest in consuming plant-based meat, Lavery tells investors in a research note. This suggests 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.
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Certainly an interesting bit of news. Plant based meat substitute is an interesting concept, the question is can it make it economically. Really, it needs to be cost competitive to gain any acceptance among the majority of folks who consider cost when shopping. Once past the novelty a product will need to offer some benefit to do well. At that point management skill is no longer enough, nor will great marketing save the poor product..