Article Date 17/06/2019

Image from : CNW Group/Tim Hortons

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.

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