Wall Street Analysts See Beyond Meat Shares Pulling Back After Tripling Since IPO
Wall Street analysts following initial public offerings are normally bullish, but the first major reports on Beyond Meat are tepid, saying the stock has just run too far too fast in the weeks following its much anticipated debut.
The major analysts started coverage on the plant-based meat substitute on Tuesday, honoring a typical grace period seen by the underwriting firms and other major analysts. The alternative meat play has more than tripled from its $25 IPO price earlier this month.
“We think the stock’s valuation already factors in a best-case scenario for the company’s growth rate over the next six years without taking into account typical near-term execution risk for early-stage start-up companies,” Credit Suisse analyst Robert Moskow said. The firm started coverage of the stock at neutral...
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