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Beyond Meat Inc (NASDAQ:BYND) deserves credit for developing a meat alternative product that could perform well within the growing addressable market. The stock's 200 percent gains since its May 2 IPO implies there's "no cattle" to the investment story at current levels, according to Bank of America.
The Analyst
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Bank of America's Bryan Spillane initiated coverage of Beyond Meat with a Neutral rating and $85 price target.
The Thesis
Plant-based products succeeded in gaining a 13 percent market share in the milk category and a similar disruption could occur within the beef category, Spillane wrote in a note. Assuming this plays out, Beyond Meat faces a potential $40 billion market within 10 years.
Spillane said first-hand checks into search trends, social media posts, scanner data and restaurant orders all suggest "strong interest" for plant-based meat. Beyond Meat has a unique advantage as it has already succeeded in building brand awareness, gained a portfolio of celebrity ambassadors and organic influencers to drive awareness.
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Despite multiple positive developments, Beyond Meat faces several investment risks moving forward. These include:
- Difficulty in addressing soaring demand from a service and quality perspective;
- Prices are high versus traditional meat products;
- Competition could "flood" the market; and
- Commercialization of competing technologies like lab-grown meats.
Price Action
Shares of Beyond Meat were trading higher by more than 4.4 percent at $89.74 Wednesday morning.
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Photo courtesy of Beyond Meat.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.