Beyond Meat slips as Jefferies cuts PT on pressures in 2023

Tattooed Chef

12/01/2023 17:54

(Updates)
    ** Shares of plant-based meat producer Beyond Meat Inc
 BYND.O  fall 2.4% to $15.53 in afternoon trade 
    ** Brokerage Jefferies revises price targets for plant-based
food companies Oatly Group AB  OTLY.O , Tattooed Chef Inc
 TTCF.O  and BYND 
    ** Jefferies favors shares of OTLY over other two, driven by
global industry demand dynamics, company growth and margin
expansion prospects, and near-term funding potential 
    ** Brokerage remains on sidelines for BYND given the current
category demand and competitive landscape; cuts PT to $15 from
$35
    ** Jefferies says it continues to foresee category and
company topline pressure through fiscal 2023 for BYND
    ** "We would rather wait for signs of category
revitalization and BYND-specific improvements before becoming
more constructive on the name" - brokerage
    ** For TTCF, Jefferies notes given deceleration in
plant-based consumption, competitive backdrop, profit pressures
and cash burn, "we're waiting for incremental signs of business
profit pathway clarity before becoming more constructive"  
    ** Brokerage cuts PT on TTCF to $1.50 from $8; shares of
TTCF fall 8.3% to $1.33 in afternoon trade
    ** Shares of BYND, TTCF and OTLY dropped between 78.1% and
~92% in 2022
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))