Analyst Sets Beyond Meat IPO to $28.40 Target $BYND

Beyond Meat is the hottest IPO in the market right now. Beyond, ticket $BYND, is the maker of plant based meat substitutes including the famed Beyond Burger.

Last week the IPO came out and many people snapped it up as it rallied to over $80 in a few days. As of today it is hovering at $78 but things could get darker according to Erlan Abdikarimov who called the Facebook IPO stumble in 2012.

Here is what he had to say about the future of BYND:

he sees as up against too much competition to be flying so high. The rally is “largely fueled by a speculative mood and not by a real assessment of the prospects,” said Abdikarimov, who has set a target of $28.40 on the stock, about one-third the current price. He cut his rating on the stock to “hold” from “buy” last week. “As soon as the first wave of speculative buying is over, we will see a correction.”

BYND was privately held by Tyson’s food who sold their interest shortly before the IPO to focus on their own internal meat substitute products. Very interesting if you’re in the market.

https://www.latimes.com/business/la-fi-beyond-meat-ipo-stock-analyst-20190521-story.html