Yahoo Finance Why Did Beyond Meat (BYND) Stock Jump Today?
Shares of meat alternative producer Beyond Meat BYND traded up nearly 8% on Wednesday after a couple positive headlines boosted the stock. BYND cut gains a bit before closing up 2.9% to $156.34 per share.
Credit Suisse analyst Robert Moskow increased his price target on BYND by a whopping 71% from $90 to $154 per share. “Beyond may emerge as a net beneficiary of the pandemic in the near-term due to strong demand in [the] retail channel,” he wrote in a research note.
The company also announced that it will sell value packs of its meatless burgers; a 10-pack will sell for around $15.99, or $6.40 per pound, bringing Beyond burgers closer to the price of beef patties.
Customers can find these value packs at retailers like Target TGT and Walmart WMT starting the week of June 22.
The coronavirus pandemic has pushed more consumers to purchase meat alternative products, and Beyond is benefitting. BYND has nearly doubled so far this year and now boasts a market cap of over $10 billion.
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Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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