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Beyond Meat's best days may be behind it after nearly 200% rally off March lows, investors warn

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Trading Nation: A look at Beyond Meat and what's next for the stock

Citi is getting bullish on Beyond Meat even after its surge off last year's lows.

Analysts at the firm upgraded the stock to a buy rating on Tuesday, arguing much of the bad news surrounding the company had already been priced in and that partnerships with McDonald's and PepsiCo looked promising. Beyond initially surged on the call before reversing course and ultimately dropping into the close, falling more than 5%.

Todd Gordon, founder of TradingAnalysis.com, is more skeptical on the name.

"The momentum and the narrative is slowing," Gordon told CNBC's "Trading Nation" on Tuesday. "I think it's going to be a challenge for Beyond Meat going forward despite the strong partnerships."

Beyond Meat has rallied strongly, and is now up nearly 12% this year, compared to the S&P 500 which is up 3%. It has risen nearly 200% since last March.

"You can see the chart here to judge where you are," said Gordon. "[There's] downside support at about $130, but you need to break above $190 to get us going."

The stock traded just below $140 on Tuesday.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, agrees with Gordon's call, and points to Beyond's product as a concern.

"The question becomes what are we eating when we eat these products," Tengler said on the same program. "And what, if anything, can the company do about lowering some of the alarms that go off when people do begin to understand what these burgers are made of."

Beyond Meat has said its focus is on the benefits of staying away from traditional meat products. Compared with a burger made with 80% lean 20% fat beef, the Beyond Burger contains fewer calories and saturated fat but about triple the sodium. The meatless option is also free of cholesterol.

"I don't think the average consumer of Beyond Meat knows that a Walmart burger has 30 less calories than a Beyond Meat burger and 5x the sodium in a Beyond Meat burger and the same amount of fat."

Tengler is opting for a different food stock instead.

"I think the company has a lot of problems, and we'll see how they do in terms of posturing and placing their partnerships, but I'd much rather own something like Chipotle," Tengler said.

Chipotle finished flat on Tuesday and is up nearly 7% this year.

Disclosure: Tengler and Laffer Tengler Investments hold CMG.

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