Beyond Meat Actions (BYND) – Get the report after Goldman Sachs analyst Adam Samuelson downgraded the plant-based meat producer to sell from neutrals and reduced his stock price target to a $ 39 Wall-Street from $ 129.
The shares of Beyond Meat at the last check fell 4% to $ 70.08. The price target represents a potential decrease of 47% compared to the previous closing price of the stock.
Investors are becoming less willing to pay premium valuations, according to the analyst, according to a Bloomberg report.
Samuelson says that the decline in customer traffic represents a significant short-term headwind for the company and that its distribution of food services carries risks.
Samuelson also updated the Nutrien agricultural company (NTR) – Get a report to buy from neutral. Its “broad diversified earnings base” through agricultural distribution, potassium chloride and nitrogen is “increasingly attractive in the broader macroeconomic volatility”.
At the same time, the analyst lowered Nutrien’s price target to $ 45 per share from $ 53. The new target indicates a potential upside of 47% from Wednesday’s closing price of $ 30.64.
Goldman raised the consumer packaged food companies Hormel (HRL) – Get report and Ingredion (INPUT) – Get a neutral relationship from the sale. He called them well positioned to see “a potential increase in demand following Covid-19” and said they “maintain healthy budgets.”
The target on Hormel was raised to $ 45 from $ 35, indicating a potential 7% rise from Wednesday’s closing price for the stock. Meanwhile, Samuelson has cut his Ingredion price target to $ 74 from $ 79.
Ingredion shares at the last check rose 4.7% to $ 73.16 while Hormel rose 2.7% to $ 43.09.