Beyond Meat gains as Tim Hortons adds breakfast sandwiches at 4,000 shops across Canada
Source The Financial Post
Beyond Meat Inc. got a reprieve from two downgrades in as many days
after Tim Hortons said it’s now offering faux-meat breakfast sandwiches
at almost 4,000 locations across Canada.
The plant-based meat
products maker gained as much as 13 per cent after the
coffee-and-doughnuts chain said it added three breakfast sandwiches to
the menu made with Beyond Meat sausages after testing them at select
stores last month.
The stock reversed earlier losses driven by
Sanford C. Bernstein & Co.’s decision Wednesday to cut its rating on
Beyond Meat to market perform from outperform, saying shares of the
company have gotten too expensive after a more than 400 per cent rally
since its May 1 initial public offering. On Tuesday, JPMorgan Chase
& Co.’s similar move spurred a 25 per cent decline, Beyond Meat’s
worst day since the debut.