Beyond Meat Inc. (NASDAQ: BYND) has announced a new product line just in time for summer, and one key analyst has hiked his target price for the faux meat firm as well. Both things sent shares sharply higher on Wednesday.
In terms of the new product line, Beyond Meat is introducing its Cookout Classic, a burger 10-pack available at a majority of Walmart and Target stores nationwide and other select retailers beginning the week of June 22.
The endgame for this product is to grow the brand of plant-based meat. With growing consumer interest in this field, the Cookout Classic is designed to “inspire a shift to plant-based meat at barbecues and Summer gatherings.”
Credit Suisse’s Samik Chatterjee issued a Neutral rating for Beyond Meat but raised its price target to $142 from $90. Note that this new target still calls for about 6.5% downside from the most recent closing price of $151.94.
In its report, Credit Suisse noted that Beyond Meat may emerge as a net beneficiary of the pandemic in the near term due to strong demand in retail channels and in the long term due to rising consumer interest in healthier foods.
A recent consumer survey demonstrated that the number of people who say they are eating healthier foods has increased 20% since the beginning of the pandemic. This is presumably because they are interested in boosting their resilience to the virus.
Credit Suisse also thinks that the spike in at-home consumption will generate strong sales in restaurants as government lockdowns are lifted.
Beyond Meat stock traded up about 8% on Wednesday, at $164.27 in a 52-week range of $48.18 to $239.71. The consensus price target is $95.95.
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