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Beyond Meat (BYND) -5% after Piper Sandler cuts stock rating
Beyond Meat (BYND) shares slipped 5% on Thursday after Piper Sandler cited a dip in US sales as a reason behind its decision to cut its rating to underweight.
Plant-based meat producer Beyond Meat (BYND) dipped 5% in Thursday’s trading after Piper Sandler cut the company’s rating to underweight on a lack of momentum for its retail channel.
Analyst Michael S. Lavery lauded Beyond Meat’s position as a leader in the production of plant-based substitutes but is concerned by a retail channel that currently “lags consensus expectations”.
He added: “Beyond Meat’s US retail sales fell by 10%, worse than all of its food peers in our coverage besides B&G Foods.”
While retail sales in the US reversed track with a surprising 14% dip to $77m in Q2, Beyond Meat’s overall sales were very healthy, rising 32% to more than $149m.
The Los Angeles-based company has guided for up to $140m revenue in Q3, but Piper Sander is more conservative with an estimate of $120m to $122m.
While weekly retail sales growth is also slowing, there is hope on the horizon following its joint venture with PepsiCo (PEP).
The two companies are teaming up to release a slew of plant-based snacks and drinks by the beginning of next year.
Piper Sandler’s downgrade dominated the narrative on Thursday though as BYND fell 5.31% to $104.92 on the Nasdaq by midday.
FedEx (FDX) was heading in the opposite direction after the delivery giant unveiled plans to bring in 90,000 workers for a busy few weeks up to Christmas.
During the holiday period last year, FedEx saw its shipping volumes soar 29%, so it appears to be preparing early for a similar uptick this time around.
The firm is advertising for a number of positions, including specialised roles in data analytics, development and engineering.
FedEx shares climbed 0.9% higher to $259 early on Thursday.
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