Beyond Meat (BYND.US) shares fell more than 5% during today's session after Piper Sandler downgraded the alternative-meat maker stock to an underweight rating. Investment bank believes that “Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations” and lowered its price target on the stock to $95 a share from $120. Beyond Meat's U.S. measured weekly retail sales growth has steadily slowed and turned to declines in 2021. Meanwhile PepsiCo CEO Ramon Laguarta said the company is hoping to release new plant-based snacks and drinks made through its joint venture with Beyond Meat by early 2022.
Beyond Meat (BYND.US) stock launched today's session with a bearish price gap and if current sentiment prevails, downward move may accelerate towards support at $99.85, where May lows are located. Source: xStation5
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