Beyond Meat dives after lead underwriter JP Morgan downgrades: 'Beyond our price target'
Source CNBC News
J.P. Morgan downgraded Beyond Meat on Tuesday, after the company's stock has surged 600% from its initial public offering price of $25.
firm, which was the lead underwriter for the red hot May IPO,
downgraded the stock to "neutral" from "overweight" and kept its price
target of $120. The alternative meat company reported stronger-than-expected earnings last week - its first report since going public.
stock is "beyond our price target," J.P. Morgan analyst Ken Goldman
said in the note to clients. The share price has already exceeded the
price target of every analyst on Wall Street and short sellers have lost
more than $400 million betting against the plant-based burger maker's
stock since it went public, according to research firm S3 Partners.