By Sam Boughedda
Investing.com — Shares of Beyond Meat Inc (NASDAQ:BYND) are up more than 8% Monday after it was upgraded to overweight from neutral by Barclays analyst Benjamin Theurer.
The analyst, who also increased the price target to $80 from $70, told investors in a research note that the company's growth prospects in specific segments are not currently reflected in Beyond Meat's current valuation after a recent fall in its shares.
While citing that Covid-19 variants could still impact a "full-blown foodservice recovery," Theurer explained that Beyond has further positioned "its products in this channel in the U.S. and in international markets through new partnerships."
"In our view, BYND's international opportunity has become more relevant, and the company could well become a global leader in the broader meat alternative market, especially given its non-GMO profile," stated the analyst.
He added that the company's market share is "more than double" that of Impossible Foods.
According to Theurer, Barclays' "3-way scenario analysis for 2022 shows an upbeat view on the broader plant-based meat industry, with momentum likely to accelerate in 2Q22 and 2022."