Wednesday, July 2, 2025

Canaccord Drops Beyond Meat Price Target To $80

On November 10th, Beyond Meat (NASDAQ: BYND) reported its third quarter results. The company reported revenues of$106.4 million down from $149.43 million last quarter. Gross profits also went the same way, dropping by roughly 50% to $23 million, from $47.35 million last quarter. The company reported adjusted EBITDA of -$36.8 million and a net loss of $54.8 million or an earnings per share of -$0.87.

Beyond Meat’s average price target got cut from US$116.71 to US$78.92 after the results. The company currently has 18 analysts, with 2 having strong buy ratings, 9 have hold ratings and the last 7 have sell ratings. The street high sits at US$106 while the lowest 12-month price target is US$54.

In Canaccord’s third quarter review, they reiterate their hold rating but lower their 12-month price target to US$80 from US$100, saying, “We continue to take a cautious stance on BYND in the face of supply chain and other challenges.”

With the company lowering its guidance for the fourth quarter, Canaccord will remain cautious through the next year. They believe by that time, the company’s revenue will offer potential upside, but they remain cautious on the company gross margin going further than 2022. They expect increased competition, inflation and potential continued supply chain disruptions as the reason why gross margins could be weaker.

For the results, Canaccord says that Beyond Meat’s revenue came in flat to their estimate of $106 million, while adjusted EBITDA severely underperformed their -$13.5 million estimate. Canaccord says that the revenue beat came from better than expected international customer sales with 142.5% year-over-year growth, this was partially offset by a ~14% decline in US revenues.

On Beyond Meat’s distribution channels, Canaccord writes, “its volume of products sold increased 8% YoY with International up 123% and the US down 9%.” While foodservice’s had the same fate with total volumes in products sold increasing 25% with international volumes growing 55% while the US was down 3% year over year.

Lastly, Canaccord provides investors with a few takeaways from the quarter. They say that Beyond Meat’s innovation program continues to churn out new products and reach a greater number of customers. Despite “operating in a challenging environment characterized by inflationary pressures, effects from the Delta variant, labor shortages, and extreme weather.” Because of this, they believe that the companies long-term objectives remain intact.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Tesla: Consensus Earnings Expectations For Q2

Tesla (NASDAQ: TSLA) will be reporting their second quarter financial results on July 26th after...

Sunday, July 25, 2021, 11:33:00 AM

Raymond James: 7% Mortgage Rates Are The Breaking Point

It looks as if Raymond James is the first investment bank to throw in the...

Tuesday, October 25, 2022, 03:56:00 PM

SSR Mining: BMO Lowers Price Target Due To Rising Costs

On January 31st, SSR Mining Inc. (TSX: SSRM) announced full-year 2021 production, a three-year outlook,...

Friday, February 4, 2022, 04:21:00 PM

BMO Lowers Revenue Forecast For OceanaGold Following COVID Outbreak

OceanaGold Corp (TSX: OGC) provided a corporate update to their investors on August 27. Included...

Sunday, August 30, 2020, 01:43:00 PM

Take-Two Interactive: Despite Strong Earnings Consensus Estimates Stay Flat

Take-Two Interactive (NASDAQ: TTWO) reported their fiscal fourth quarter earnings on May 18th, swiftly beating...

Sunday, May 23, 2021, 02:13:00 PM