One of Beyond Meat Inc's (NASDAQ: BYND) earliest bull analysts downgraded the stock on Tuesday.
Ken Goldman downgraded the plant-based food maker's stock from Overweight to Neutral with a price target lowered from $138 to $134.
Goldman was among the first Street analysts to initiate coverage of Beyond Meat's stock with a bullish stance after its initial public offering last May, according to Business Insider. But this stance no longer applies as the stock offers a "more balanced risk/reward outlook" at current levels.
The analyst has beef with the Street's estimates for 2020 and 2021, which look to be overly conservative. Even at a more realistic outlook for the coming years, the stock's current level already "bakes in plenty of potentially good news."
In fact, Beyond Meat has the potential to solidify its status as a global leader in the plant-based food category this year by hitting $2 billion in sales, according to the analyst.
"When the stock was <$75/share just three weeks ago we felt confident in upside potential. But now, with a variety of optimistic news stories baked in and the stock outperforming the SPX by 65% this month, we think it is prudent to head for the sideline once again," Goldman wrote in the note.
Shares of Beyond Meat were trading lower by 4.5% to $119.10 at time of publication.