It appears the younger generation is backing Beyond Meat (NASDAQ:BYND)
Piper Sandler analysts raised their price target on the plant-based meat company’s stock on Tuesday after its research suggested increasing adoption among teens. Piper Sandler’s $178 target is still lower than its current price, though – the stock has rallied 141% this year and closed Tuesday at $181.86.
MKM Partners is willing to get even more bullish on the stock.
One MKM senior analyst said Beyond Meat faced a zone of overhead resistance around $165 to $170, an area it broke out above early this month. In technical analysis, old resistance levels typically become support and insulate the stock from too much downside in case of any weakness.
"The question becomes where can Beyond go? We have two clear upside price targets — that first level is $200, a nice round number … and the second overhead level that we’re looking at is $240,” he continued. “So, overall, a great chart with plenty of upside left in our opinion."
A move to $240 would mark an all-time high. Its record currently stands at $239.71, set July 2019.
Analysts expect Beyond to post a fiscal year profit of seven cents a share, up from a loss of 29 cents a share in 2019. Earnings for 2021 are forecast to leap even higher to 59 cents a share.
The company is expected to report third-quarter earnings on Nov. 2.
Meantime, BYND shares began trading Wednesday up $6.05, or 3.3%, to $187.91.
