Beyond Meat Has a Teenage Fan Club

This post was originally published on this site —  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.