Beyond Meat hits record low after Credit Suisse halves price target

BYND Cannasoft Enterprises

24/10/2022 15:44

(Updates)
    ** Shares of Beyond Meat Inc  BYND.O  fall as much as 4.5%
to $12.06 on Monday - hitting a record row for the second
session in a row    
    ** Brokerage Credit Suisse cuts PT of plant-based meat maker
Beyond Meat Inc  BYND.O  to $10 from $20, citing consistently
falling revenue and co's recently announced reduction in
workforce 
    ** Says "management describes its headwinds as transient,
but we think there are structural problems here," adding that
over the course of the year, BYND's sales in the U.S. retail
channels have plummeted 20%
    ** BYND cut its annual revenue forecast earlier this month
due to slowing demand for faux meat as consumers look for
cheaper options to beat rising prices
    ** Fifteen of 20 brokerages rate BYND's stock "hold", while
five rate "sell"; median PT is $14, per Refinitiv   
    ** BYND last down 4% and set for fourth consecutive session
of losses
    ** Stock has fallen over 80% this year on a string of
disappointing quarterly results and forecast cuts
    ** Separately on Monday, BYND launched new plant-based steak
Kroger  KR.N  and Walmart  WMT.N  stores nationwide, as well as
a few other retailers
 (Reporting by Granth Vanaik and Uday Sampath in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))