Beyond Meat price target lowered to $4 from $5 at BMO Capital

BMO Capital lowered the firm’s price target on Beyond Meat (BYND) to $4 from $5 and keeps a Market Perform rating on the shares. The company’s Q2 revenue of $75.0M fell below $81.8M consensus and, combined with softer gross margins, pressured EBITDA by $6.3M below consensus, the analyst tells investors in a research note. Recognizing the management’s cost optimization progress, BMO remains concerned about sales trajectory owing to persistent category headwinds and lack confidence that another strategy pivot can stabilize top-line performance, the firm added.