Piper Sandler analyst Michael Lavery raised the firm’s price target on Beyond Meat to $178 from $130 and keeps a Neutral rating on the shares. The stock closed Monday up $9.25 to $175.49. Of the 9,825 teens questioned in Piper’s semiannual survey, 47% either consume or are open to consuming plant-based meat, in-line with the prior survey that found an inverse relationship between age and interest in consuming plant-based meat, Lavery tells investors in a research note. This suggests plant-based eating is more on-trend with younger consumers, which could drive growth over time as consumers age, says the analyst. He believes the teen survey results suggest Impossible and Beyond are the early leaders in plant-based meat brand awareness, as they had the most mentions among brands tried by teens.
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