June 11, 2019 / 8:42 AM / 2 months ago

BUZZ-Beyond Meat: JP Morgan downgrades to 'neutral' as shares overcook

** Shares of vegan burger maker Beyond Meat inch up 3.5% to $174 in early premarket trade even as JP Morgan downgrades to ‘neutral’ from ‘overweight’

** Brokerage says BYND’s risk and reward now balanced; stock price beyond JP Morgan’s PT

** Up to Monday’s close, stock had rallied >6.7x of IPO price of $25 with market cap now at ~$10.1 bln

** Brokerage raises PT again to $121 after last Friday’s PT hike to $120 saying BYND’s “extraordinary revenue and profit potential” has now been priced in

** JP Morgan positive on co remaining highly favorable to the total addressable market for alternative meat

** But says less positive on competitors getting more aggressive

** Brokerage also less positive as elevated valuation could lead to meaningful correction in stock if any real or perceived hiccup in performance

** Stock floated in early May, more than doubled on IPO day

** All but one out of 7 brokers have a ‘hold’ rating on stock, one has strong buy; stock trading at ~69% upside to median PT of $103 - Refinitiv Eikon data (Reporting by Yadarisa Shabong in Bengaluru)

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