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Beyond Meat shares down but well off lows after JPMorgan downgrades the red hot stock

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Beyond Meat "Beyond Burger" patties made from plant-based substitutes for meat products sit on a shelf for sale on November 15, 2019 in New York City.
Angela Weiss | AFP | Getty Images

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JPMorgan downgraded Beyond Meat on Tuesday and told investors it was time to bail as the red hot stock was no longer fairly valued.

The firm lowered its rating to neutral from overweight and dropped its price target to $134 from $138. The stock initially fell more than 3% in premarket trading Tuesday but most recently was off less than 0.5%.

This comes as the alternative meat company continues its rapid expansion in to restaurants nationwide. On Monday Beyond Meat announced that it was expanding its partnership with restaurant chain Denny's.

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