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Beyond Meat price target lowered to $5 from $14 at Goldman Sachs

Trading Now: Beyond Meat price target lowered to $5 from $14 at Goldman Sachs

Goldman Sachs analyst Adam Samuelson lowered the firm’s price target on Beyond Meat to $5 from $14 and keeps a Sell rating on the shares. The stock closed Tuesday down 4% to $12.72. Following “significant disruption” to the company’s pre-pandemic growth strategy from COVID-induced lockdowns, its “Pathway to Profitability’” dilemma is now exacerbated by inflation, which is weighing on consumer demand for higher-priced alternative protein, Samuelson tells investors in a research note. The analyst says Beyond Meat’s investments in supply chain capacity “have run against a sharp deceleration in underlying demand.” He believes the challenges facing the company “remain significant” and that its pathway to achieving positive free cash flow in the second half of 2023 “is a narrow one.” Samuelson lowered the stock’s multiple to reflect lower market multiples.

Published first on TheFly

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