Beyond Meat (BYND) was the subject of a slightly bearish note at Wells Fargo, whose analyst initiated coverage on the stock with a market perform rating and $125 price target. 

The price target represents a slight downside from the stock's previous closing price of $131.39 per share. 

The firm says that investors should wait for better visibility into the competitive nature of the market before getting in on the plant-based meat craze.

Wells Fargo analyst John Baumgartner said the industry is in the need of a "sanity check" after his model indicated an opportunity potential between $12 billion and $15 billion by 2029, much lower than other analysts estimates of $40 billion. 

Besides the lower-than-forecast market opportunity, Baumgartner also sees more private label and challenger brands entering the space and taking away market share from Beyond. 

Beyond Meat shares are up nearly 100% year to date, but the stock is falling 3.5% to $126.83 in morning trading Monday.