Piper Sandler analyst Michael Lavery upgraded Beyond Meat (BYND) to Neutral from Underweight with a price target of $64, up from $61, as he raised his 2022 sales forecast to $600M from $565M and increased his 2023 sales estimate “more modestly” to $695M from $685M after his industry contacts indicated to him that a nationwide U.S. launch of McDonald’s (MCD) McPlant burger appears to be coming in late Q1 of 2022, which is earlier than he anticipated. The McPlant, supplied by Beyond, has been in test in eight U.S. stores and his contacts tell him that the McPlant will be available in about three months at all the nearly 14,000 U.S. McDonald’s locations, Lavery stated.
previous post