Beyond Meat stock dips below first-day closing price, but analysts are still bullish.
Beyond Meat Inc. shares fell for a third straight day Friday, briefly pushing the stock below its first-day closing level for the first time since the company’s eye-popping initial public offering last week.
While research analysts from banks that helped underwrite the deal are unable to offer their views during the current so-called quiet period, Oppenheimer published a bullish note on Tuesday, assigning the stock an $81 share-price target that is more than triple the IPO price. Analysts led by Alexia Howard said if the plant-based meat market were to develop in the same way as the plant-based dairy market has, it would create a total addressable market of about $40.5 billion within a decade. If Beyond Meat could capture a 5% share of that market—it has a 2% stake today—it would mean sales of $2 billion in 2028, she wrote in a note to clients.
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