Beyond Meat Inc’s (BYND) momentum across retail channels falls short of consensus expectations, according to Piper Sandler.

The Beyond Meat Analyst: Michael Lavery downgraded Beyond Meat from Neutral to Underweight and reduced the price target from $120 to $95.

The Beyond Meat Takeaways: Although the estimates reflect the loss of Dunkin' stores, they still appear optimistic, Lavery said in a Wednesday downgrade note.

“In 2Q21, this retail vs. shipments gap rose to an estimated $18M, suggesting potential excess trade inventory, which could drive a 3Q21 under-shipment,” the analyst said.

He expects Beyond Meat to miss the consensus estimates for the third and fourth quarters of 2021.

“Beyond's retail sales declines are worse than all of its food peers in our coverage besides B&G Foods,” Lavery said.

He reduced the estimates for the third and fourth quarters of 2021 from $122 million to $120 million and from $150 million to $140 million, respectively.

BYND Price Action: Shares of Beyond Meat were down 4.79% at $105.50 Thursday morning.