Shares of Beyond Meat, Inc. (BYND) plummeted by 5.14% on Thursday, November 8, 2024, after an analyst at TD Cowen lowered their price target on the plant-based meat company and maintained a bearish outlook.
In a research note, TD Cowen analyst Robert Moskow reduced his firm's price target on Beyond Meat to $5 from $6, while keeping a Sell rating on the stock. The analyst's move reflects growing concerns about the company's prospects and potential challenges in sustaining growth and profitability.
Beyond Meat has faced increasing competition in the alternative protein market, with established food companies and startups alike introducing their own plant-based meat products. Investors have also raised concerns about the company's ability to achieve consistent profitability and manage its expenses effectively.
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