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Investing.com — Beyond Meat rose 5% after getting a boost from Citi.
Citi upgraded the plant-based food maker to neutral from sell as it sees a more balanced risk/reward, CNBC reported the bank as saying. The company has one buy rating, eight holds and six sells, according to analysts tracked by Investing.com.
The stock is up 24% in 2020.
“As we move past the worst of the pandemic, we expect more foodservice operators will add plant-based meat offerings to their menus, and we expect BYND will get a share of that incremental foodservice business over time — both in the U.S. and overseas,” CNBC reported Citi as saying.
China, in particular, is expected to grow rapidly. Beyond Meat (NASDAQ:BYND) started operating in China in April, and partnered with Starbucks (NASDAQ:SBUX) to put Beyond Beef on the menu. Starbucks has more than 3,300 locations in China.
