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Beyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.
Drew Angerer | Getty Images
Beyond Meat‘s stock is proving resilient to negativity on Wall Street.
Shares of the alternative meat company soared more than 17% on Wednesday, even after being downgraded by J.P. Morgan and Bernstein this week. The stock closed up 12%.
The stock is rebounding after dropping 25% on Tuesday when J.P. Morgan downgraded Beyond Meat to neutral from overweight. The bank kept its price target of $120.
The stock is “beyond our price target,” J.P. Morgan analyst Ken Goldman said in the note to clients. Goldman said the downgrade is “purely a valuation call.”
Bernstein followed J.P. Morgan’s lead when it downgraded Beyond Meat to market perform from outperform on Wednesday. However, Bernstein raised its price target on the stock to $123 from $107.
There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet.
The company also announced Wednesday that Beyond Meat plant-based breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants across Canada.
Shares of Beyond Meat are up nearly 500% since its initial public offering in May.