This story was originally published here.
Beyond Meat (NASDAQ:BYND) has been on fire in 2020. Year to date, BYND stock is up more than 70% as the plant-based meat maker has actually gained momentum amid the novel coronavirus pandemic.
But this scorching hot rally in Beyond Meat has come under pressure recently.
Specifically, BYND stock has fallen more than 20% off its early June highs on three major, ostensibly negative developments:
- Animal-based meat production has normalized much more quickly than expected, providing more competition for plant-based meat products in grocery stores.
- Starbucks (NASDAQ:SBUX) — who partnered with Beyond Meat on a plant-based breakfast sandwich in China and Canada — chose Beyond’s main competitor, Impossible Foods, to launch a plant-based breakfast sandwich in the U.S.
- McDonald’s (NYSE:MCD) has ended its test trial of Beyond products in its stores, with no clarity as to what comes next.
The stock is taking an 8% dive today on a double downgrade from Barclays. Given that negative news flow, it’s no wonder that investors are doing some profit taking on BYND stock.
But this profit-taking will end soon, because the aforementioned headwinds are ephemeral and largely inconsequential, while the long-term growth narrative supporting more robust consumer adoption of plant-based meat and more robust placement of Beyond Meat products into the world’s meat supply chain remains as vigorous as ever.
As such, I’d look to buy the dip in BYND stock around the $110 level.
Here’s a deeper look at why…
Editor's Note: Click here to keep reading.
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