Mizuho raised the firm’s price target on Beyond Meat to $7 from $5 and keeps an Underperform rating on the shares. The company’s Q4 sales and EBITDA beat but the 2024 outlook “appears very optimistic,” the analyst tells investors in a research note. The firm says the implied EBITDA outlook rests on a spike in gross margin materially dependent on price increases and aggressive cost cuts, including marketing, despite weak demand.
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