- Shares of alternative meat company Beyond Meat surged as much as 17% on Wednesday even after being downgraded by J.P. Morgan and Bernstein this week.
- The shares are up nearly 500% since the company's initial public offering in May.
- The company announced Wednesday that Beyond Meat breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants in Canada.
Beyond Meat's stock is proving resilient to negativity on Wall Street.
Shares of the alternative meat company soared more than 17% on Wednesday, even after being downgraded by J.P. Morgan and Bernstein this week. The stock closed up 12%.
The stock is rebounding after dropping 25% on Tuesday when J.P. Morgan downgraded Beyond Meat to neutral from overweight. The bank kept its price target of $120.
The stock is "beyond our price target," J.P. Morgan analyst Ken Goldman said in the note to clients. Goldman said the downgrade is "purely a valuation call."
Bernstein followed J.P. Morgan's lead when it downgraded Beyond Meat to market perform from outperform on Wednesday. However, Bernstein raised its price target on the stock to $123 from $107.
There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet.
The company also announced Wednesday that Beyond Meat plant-based breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants across Canada.
Shares of Beyond Meat are up nearly 500% since its initial public offering in May.