Beyond Meat: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse has raised its target price on Beyond Meat from 115 dollars to 125 dollars, citing the vegan burger maker's plans to raise production capacity to meet near-term demand.
The broker said that it has raised its 2020 and 2021 sales and profit estimates for the company, which are now in line with consensus estimates for both years.
Credit Suisse said the stock's 45% gain year-to-date reflects positive investor reaction to news that McDonald's expanded the number of test locations in Canada for its plant-based burger, halting talks with rival Impossible Foods as a potential supplier.
Stiffer competition from new entries into the plant-based category represents, however, the biggest threat for the company, Credit Suisse noted.
The broker has a "neutral" rating on the stock.
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