Piper Sandler analysts lowered Beyond Meat (NASDAQ:BYND) price target from $6.00 to $3.00 while maintaining an Underweight rating. The analysts’ bearish outlook is based on ongoing pressure on EBITDA margins and a lack of significant sales growth.
Recent data shows a 19% revenue decline in the past eight weeks. This, coupled with volume and price decreases since January 2022, raises concerns about distribution and shelf space. Piper Sandler expects further near-term downside and has adjusted 2023 estimated sales from $375 million to $370 million and 2024 sales from $400 million to $375 million.