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Bloomberg
Beyond Meat is at risk of being part of a food craze that could potentially sputter and continues to face heightened competition, according to a Citi analyst who initiated coverage with a sell rating.
Close to one-quarter of Americans are eating less meat now than last year, but they aren’t doing so out of moral opposition to eating animals for food, analyst Wendy Nicholson said. In fact, simulated meat products are “too close to the real thing†for some who are philosophically opposed to eating meat, she said.
“Plant-based meat could be a fad,†Nicholson said in a note. And while alt-meat products may be more environmentally friendly, they aren’t much healthier than real meat, she said.
Eight of 20 analysts covering the company have a sell rating on the stock, while just three recommend buying it.