Beyond Meat sizzles as Piper Sandler upgrades on upcoming McPlant launch

BYND Cannasoft Enterprises

14/12/2021 12:01

** Shares of vegan meat maker  BYND.O  rise 5.4% to $66.83
premarket, set to snap three-session losing streak
    ** Brokerage Piper Sandler upgrades BYND to "neutral" from
"underweight"; raises PT to $64 from $61, still lower than
median PT of $72 - Refinitiv data
    ** A nationwide launch of McDonald's  MCD.N  McPlant burger
in the U.S. "appears to be coming" in about three months, Piper
Sandler's Michael Lavery says, citing industry contacts
    ** Brokerage lifts 2022 sales estimates, but warns margins
remain a concern for BYND, adding profitability outlook is still
unclear
    ** McPlant, for which BYND is the sole supplier, has been
tested in eight U.S. stores, with brokerage BTIG saying it
performed "exceptionally well" in its locations
    ** However, BTIG says a national launch of McPlant is
unlikely until 2023 given the scale of MCD's system
    ** Raises MCD's PT to $295 from $255, but lowers BYND's
full-year sales estimate 
    ** Current avg. rating on BYND among 19 brokerages is "hold"
    ** As of last close, BYND down ~49% YTD while MCD has gained
~23%

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))