The stock market has a new superstar with the alternative meat company Beyond Meat. The company began trading last Monday, and it rose from the $25 starting point. As of this writing, it sits at somewhere above $100. No one predicted this massive growth, not even the most positive of analysts.
Given their current performance, the company expects to double its revenue within the next year. According to Credit Suisse analyst Robert Moskow, the company was able to go farther than anyone expected due to distribution gains and velocity growth. Credit Suisse gave the company an estimate of about $70 per share and now upped the number to $125.
During Monday’s intraday trade, company shares began at the standard $25 per share. It boomed quickly though reaching about $186 and finishing the day at somewhere around $163. As they stand the company stock is 65% above average of a 12 month Wall street price target which is around $103
JP Morgan currently has the company listed at a $120 price target. Their analyst Ken Goldman had this to say:
“At some point, the extraordinary revenue and profit potential embedded in [Beyond Meat] will be priced in, as long as Street forecasts fail to reflect BYND’s remarkable potential properly, we remain Overweight.”
Being an alternative meat source. Beyond meat has the potential to get a solid chunk of market shares. This is due to the rising number of concerned consumers who see their product as a way to help the environment. It also has a chance to be a solid presence for the health and fitness industry. As it stands, they are doing good. Below is a list of analysts covering Beyond Meat as well as their target prices for the company.
Credit Suisse – Robert Moskow price target: $125
J.P. Morgan – Ken Goldman price target: $120
Bernstein – Alexia Howard price target:$107
Jefferies – Kevin Grundy price target: $105