Analysts at Credit Suisse lowered their price target $115 a share from $135 share while maintaining a neutral rating.
"We are tamping down our 2026 sales estimate and our price-to-sales multiple to 5.5x (from 6.0x) to reflect the growing degree of competition in the plant-based meat substitute category," said analyst Robert Moskow.
Analysts at DA Davidson lowered their price target to $84 from $130 while maintaining an underperform rating.
"We do believe Beyond Meat has some edge at this juncture... however, larger players with more resources have entered the fray in short order, thereby impacting BYND first mover advantage lead time," analyst Brian Holland wrote.
Finally, analysts at J.P. Morgan lowered their price target to $138 from $189 with an overweight rating.
"The primary reason for the price target reduction is that we are trimming our revenue forecasts for 2025 and beyond, which flow into our DCF. Though we believe in the BYND story and think the shares are undervalued, we think it is prudent to model steady growth in the out-years rather than an acceleration," said J.P. Morgan analyst Ken Goldman.
The El Segundo, Calif. company reported a third-quarter profit of 6 cents a share on revenue of $92 million. Analysts surveyed by FactSet were expecting earnings of 3 cents a share on revenue of $82.2 million.
Beyond Meat shares have declined in recent weeks after spiking throughout the summer. They topped out at a high near $240 a share in July. The stock is down 32% in October.
Meanwhile, the company also offered 2019 revenue guidance between $265 million and $275 million, up from its previous guidance of $240 million. Analysts were expecting revenue of $264.4 million.
Beyond Meat was down 19% to $85.40 on Tuesday.