Shares of Beyond Meat (BYND) sank Friday amid growing concern among analysts about the heightened level of competition the plant-based meat company is facing.
Beyond Meat's stock price plunged 5.89% to $110.44 after Bernstein slashed its price target on the Beyond Burger maker's stock price.
Bernstein analyst Alexia Howard slashed her price target to $130 a share, down from $172, based on a projection of a lower enterprise value/sales multiple at the company.
However, the Bernstein analyst is also holding out hope that Beyond Meat's projection of sales above the $240 million for 2019 turns out to be conservative when the plant-based burger innovator reports earnings on Oct. 28.
Bernstein's Howard noted the estimate doesn't include addition revenue from new retail and food service partnerships with Dunkin' Donuts (DNKN - Get Report) , McDonald's (MCD - Get Report) , Hello Fresh and others.
Meanwhile, CFRA initiated coverage of Beyond Meat on Friday with a sell rating and a $120 a share price target, citing ramped up competition in the plant-based meat sector from Tyson (TSN - Get Report) and Kellogg (K - Get Report) , according to MarketWatch.