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Investing.com — Beyond Meat (NASDAQ:BYND) rose 5% on Tuesday after an analyst upgraded it for its appeal to teenagers.
Piper Sandler (NYSE:PIPR) raised its price target to $178 from $130, and maintained a neutral rating after the firm conducted a “Teen Survey,” which showed strong interest in plant-based “meat.”
A survey showed that Beyond Meat and Impossible Foods are the early leaders in brand awareness for plant-based meat, the firm said.
The firm surveyed nearly 10,000 adolescents, which suggested plant-based eating is more on-trend with younger consumers, which could drive growth over time as consumers age. Some 47% of teens surveyed said they either consume or are open to consuming plant-based meat, Piper Sandler analyst Michael Lavery said in a note, according to StreetInsider.
And then there’s the rumor that McDonald’s (NYSE:MCD) may start selling a vegan cheeseburger in the U.K. using Beyond Meat patties.
“We estimate distribution expansion with McDonald’s is a ~$150M global revenue opportunity for Beyond, assuming it sources 5% of burger sales,” the analyst said.
Shares of Beyond are up 143% this year as the company expands its presence in groceries stores and moves into the Chinese market.