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Investing.com — Plant-based food maker Beyond Meat (NASDAQ:BYND) Inc. dropped 9% after being downgraded to underweight from overweight at Barclays (LON:BARC).
Analyst Benjamin Theurer lowered his rating on concerns of “short- to medium-term headwinds,” in particular because of coronavirus-disrupted food channels, according to MarketWatch.
“Prior to the COVID-19 outbreak, Beyond Meat has been increasing its exposure to the foodservice channel, reaching levels closer to 50% of sales,” he wrote in a note to clients. “The latter, in our view, poses downside risk in the short to medium term as a full foodservice recovery might not take place until 2021.”
Last week, CBC News reported that McDonald’s Corporation (NYSE:MCD) had ended a six-month trial run of a vegetarian burger in Ontario, Canada.
Beyond stock has tumbled almost 12% over the past year. It has four buys, 10 holds and seven sell-equivalent analyst ratings, according to MarketWatch.
