Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The alternative meat industry could be worth $40.5 billion in the next decade, Bernstein said in a note Tuesday.
If the alternative meat category follows a similar path to plant-based beverages, like the rise in popularity of almond milk, the industry will boom, giving newly public company Beyond Meat a great opportunity, the firm said in an investor note.
Bernstein said if Beyond Meat, known for its flagship product the Beyond Burger, can secure a 5% market share, up from 2% today, this would imply sales of $2 billion in 2028. Beyond Meat's sales in 2018 were $88 million and in 2019 were $207 million.
In the strongest market debut of the year, Beyond Meat went public on the Nasdaq onThursday. The maker of plant-based meat substitutes was priced at $25 a share and surged 163% on its first day of trading.
Bernstein's buy recommendation is the first rating for Beyond Meat by a major Wall Street firm. Bernstein initiated coverage of the alternative meat company as outperform with a one-year target price of $81.
Although Beyond Meat is now unprofitable, Bernstein expects improvement in the next three to five years as the company gains scale. Bernstein applied a 7 times sales multiple to Beyond Meat's full-year 2023 estimated sales and discounted it back at an 8.5% rate to reach its target price.
Beyond Meat is not the only alternative-meat making competitor in the space. Impossible Foods is staking out its turf in the restaurant space and food giants Tyson Foods and Nestle are trying to get into the industry. Bernstein said escalating consumer demand means it is likely multiple brands can thrive.
Beyond Meat stock was up 3.6% in Tuesday's premarket, a day after surging nearly 12% to close at $74.79 a share. The shares are up almost 200% since its IPO.