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J.P. Morgan upgraded alternative meat company Beyond Meat on Tuesday, calling its shares "appealing once again."
The firm raised its rating to overweight from neutral and lifted its target price to $189 a share from $188 a share. J.P. Morgan cited several reasons for its upgrade, including the fact that the stock has dropped 40% since its high on July 26.
Shares of Beyond Meat jumped nearly 7% to $154.51 in early trading Tuesday.
"With cash-on-hand likely to exceed $300MM by the end of 3Q, another guidance raise potentially ahead, and the stock 40% off its high, we think the stock is appealing once again," J.P. Morgan said in a note to clients.
"We see three primary reasons for renewed optimism: The potential to acquire new food-service customers, continued strength in measured data, and valuation," J.P. Morgan analyst Ken Goldman said.
After a booming post-IPO run that many called a bubble, the shares have plunged since late July amid a surprise secondary stock offering, a bigger than expected second-quarter loss and a broader market sell-off.
"We appreciate that the secondary offering spooked many investors; however, founder/CEO Ethan Brown trimmed only a tiny portion of his holdings, and we cannot blame anyone involved pre-IPO for locking in some gains," Goldman said.
The company went public in May at $25 a share. J.P. Morgan downgraded the stock on valuation on June 11 when the company was valued at $10 billion.