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BEYOND MEAT, INC.

(BYND)
  Report
Real-time Estimate Cboe BZX  -  12:27 2022-11-28 pm EST
12.32 USD   -3.14%
09:31aSoaring Covid cases in China spell trouble for global markets
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07:38aBarclays Downgrades Beyond Meat to Underweight From Equalweight, Adjusts Price Target to $10 From $13
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Starbucks to add more plant-based food in latest green push; Beyond Meat shares jump

01/21/2020 | 01:32pm EST
FILE PHOTO: Company's logo is seen at a Starbucks coffee shop in Zurich

Starbucks Corp aims to add more plant-based food and drinks to its menu as part of the company's latest plan to become more environmentally friendly, Chief Executive Kevin Johnson said on Tuesday, prompting a surge in shares of Beyond Meat Inc.

Over the past year, with the rise of companies including Beyond Meat and Impossible Foods, "plant-based" has become a food industry buzzword and several major brands and restaurants have raced to offer such products. The plant-based meat substitute category is expected to be worth $140 billion in the next decade, according to Barclays.

Starbucks - which sells sausage breakfast-sandwiches, chicken wraps and smoked salmon bagels with cream cheese - did not say by when it would start offering plant-based items. A spokeswoman told Reuters the company is exploring meat alternatives for its breakfast menu, but declined comment on potential suppliers.

Shares in Beyond Meat, which makes pea-based sausages, chicken and burgers, rose as much 17.1% to $127.80.

Starbucks also said it aims to eventually shift to reusable packaging from single-use cups and plastic, and invest in better waste-management.

For now, the world's largest coffee chain has laid out targets for 2030 including halving landfill waste from stores, and carbon emissions from its direct operations and supply chain. The targets were informed by research from the World Wildlife Fund and sustainability consultant Quantis, Starbucks said.

Starbucks, which uses about 6 billion cups a year at its more than 30,000 outlets, has failed in the past to meet some of its own environmental goals including making 25% of its cups reusable by 2015. The target was revised to serving 5% of its beverages in personal tumblers by 2015, which Starbucks also missed.

The Seattle-based company's abundant use of containers, lids and straws has been criticized by consumers as well as activist groups for decades. To be sure, some of its goals have been met, such as a 2008 plan to buy enough renewable energy certificates to power all of its company-operated stores by 2015.

By Richa Naidu and Hilary Russ


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.55% 158.18 Delayed Quote.-14.94%
BEYOND MEAT, INC. -3.38% 12.27 Delayed Quote.-80.48%
CHEESE FUTURE (CSC) - CMG/C1 0.05% 2.091 End-of-day quote.18.94%
FEEDER CATTLE FUTURE (GF) - CMG/C1 -0.32% 178.675 End-of-day quote.6.85%
LIVE CATTLE FUTURE (LE) - CMG/C1 -0.16% 153.1 End-of-day quote.9.57%
STARBUCKS CORPORATION -0.74% 98.76 Delayed Quote.-14.88%
WASTE MANAGEMENT 0.18% 164.69 Delayed Quote.-1.46%
All news about BEYOND MEAT, INC.
09:31aSoaring Covid cases in China spell trouble for global markets
MS
07:38aBarclays Downgrades Beyond Meat to Underweight From Equalweight, Adjusts Price Target t..
MT
06:10aAnalyst recommendations: Jet2, Live Nation, Tyson, Twilio...
MS
11/23Goldman Sachs Adjusts Beyond Meat's Price Target to $5 From $14, Keeps Sell Rating
MT
11/22MarketScreener’s World Press Review : November 22, 2..
MS
11/21Beyond Meat Confident on Prospects Amid Report CEO Struggling with Growth
MT
11/16Beyond Meat, Inc. : Change in Directors or Principal Officers, Financial Statements and Ex..
AQ
11/14Beyond Meat« and American Cancer Society to Advance Research on Plant-Based Meat and Ca..
GL
11/14Beyond Meat« and American Cancer Society to Advance Research on Plant-Based Meat and Ca..
CI
11/11Corporate America cuts thousands of jobs as recession looms
RE
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Analyst Recommendations on BEYOND MEAT, INC.
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Financials (USD)
Sales 2022 424 M - -
Net income 2022 -348 M - -
Net Debt 2022 784 M - -
P/E ratio 2022 -2,33x
Yield 2022 -
Capitalization 811 M 811 M -
EV / Sales 2022 3,76x
EV / Sales 2023 4,10x
Nbr of Employees 1 108
Free-Float 91,1%
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Technical analysis trends BEYOND MEAT, INC.
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Last Close Price 12,72 $
Average target price 14,97 $
Spread / Average Target 17,7%
EPS Revisions
Managers and Directors
Ethan Walden Brown President, Chief Executive Officer & Director
Lubi Kutua Chief Financial Officer & Treasurer
Seth Goldman Chairman
Jonathan Nelson Vice President-Operations & Supply Chain
Raymond J. Lane Lead Independent Director
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