Plant-based meat manufacturing company Beyond Meat (NASDAQ:BYND ) has experienced a surge in activity in its stock this morning after it was upgraded by two levels by the firm Bernstein.
The stock is already up by 7% this morning so far after it was upgraded from underperform to outperform by Bernstein analyst Alaxia Howard. Although it is true that the coronavirus pandemic eroded Beyond Meat sales both at home and abroad, Howard stated that the growth story is not yet over.
It has been suggested that the food service industry is poised to see a strong rebound in its fortunes and that is expected to come as a majr positive for Beyond Meat. In addition to that, the company’s new plant in Netherlands has also been identified as a potential growth catalyst. It is expected to boost Beyond Meat’s cash position in the European business. Additionally, the company’s partnership with McDonald’s is also expected to boost revenues next year.