Credit Suisse cuts Beyond Meat PT on workforce reduction

BYND Cannasoft Enterprises

24/10/2022 12:26

** Brokerage Credit Suisse cuts PT of plant-based meat maker
Beyond Meat Inc  BYND.O  to $10 from $20 citing the reduction in
workforce that co announced earlier in October
    ** 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%
    ** Brokerage also notes that lowering prices in an
inflationary environment has further exacerbated the gross
margin declines 
    ** However, Credit Suisse raises PT of nutrition bars maker
Simply Good Foods  SMPL.O  to $42 from $40 after co beat Q4
revenue, profit estimates on Friday
    ** Adds "management's solid track record thus far gives us
confidence that they can deliver even if volatility persists"
    ** Fifteen of 20 brokerages rate BYND's stock "hold", while
five rate "sell"; median PT is $14, per Refinitiv
    ** Twelve of 14 brokerages rate SMPL's stock "buy" or
higher, while two rate "hold"; median PT is $41 - Refinitiv
    ** YTD, BYND's stock has slid ~81%, while SMPL has fallen
14.2% 
 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))