Beyond Meat Inc.’s stock could be headed for its best day on record Wednesday, but Wall Street analysts continued to take measured views on the shares. Among the positives from Beyond Meat’s
BYND,
+0.94%
latest report were that the company expects that gross margins could reach as much as a high-teens percentage this year, while revenue for the most recent quarter exceeded the consensus view.
But as the stock surged nearly 60% in premarket trading Wednesday — which would be good for its largest one-day percentage gain on record if those gains carry through to the close — analysts expressed that the picture remained mixed. Bernstein’s Alexia Howard noted that Beyond Meat would have posted an “unimpressive” negative-8.0% gross margin for the fiscal fourth quarter when excluding a non-cash charge. Though the company is looking for mid- to high-teens gross margins in 2024, with better improvement in the second half of the year, Howard said the target isn’t a slam dunk. “[W]e take this with a grain of salt, as entering 2023 management guided to a gross margin in the low double-digit range, but finished the year at -1.4% excluding this quarter’s non-cash charge,” she wrote. Howard flagged that Beyond Meat’s products are resonating better in Eur …
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BYND,
+0.94%
latest report were that the company expects that gross margins could reach as much as a high-teens percentage this year, while revenue for the most recent quarter exceeded the consensus view.
But as the stock surged nearly 60% in premarket trading Wednesday — which would be good for its largest one-day percentage gain on record if those gains carry through to the close — analysts expressed that the picture remained mixed. Bernstein’s Alexia Howard noted that Beyond Meat would have posted an “unimpressive” negative-8.0% gross margin for the fiscal fourth quarter when excluding a non-cash charge. Though the company is looking for mid- to high-teens gross margins in 2024, with better improvement in the second half of the year, Howard said the target isn’t a slam dunk. “[W]e take this with a grain of salt, as entering 2023 management guided to a gross margin in the low double-digit range, but finished the year at -1.4% excluding this quarter’s non-cash charge,” she wrote. Howard flagged that Beyond Meat’s products are resonating better in Eur …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]