Beyond Meat shares fell - 5% on Monday, following Exane BNP Paribas underperform rating.
Analyst Mikheil Omanadze initiated coverage of the plant-based food producer with an underperform rating and a $70 price target. Omanadze expressed concerns over the company’s shares valuation since he feels that barriers to entry in the meat alternatives industry are negligible.
Beyond Meat incurred a second-quarter loss of -24 cents a share – for the first time as a public company. The loss was around three times sharper than analysts' forecasts. Nevertheless, its revenue nearly tripled from the same period last year to $67.3 million. Beyond Meat raised its full-year guidance.