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Beyond Meat's  (BYND) - Get Free Report burgeoning relationship with McDonald's (MCD) - Get Free Report   is reason to be bullish on shares of the plant-based meat maker, according to William Blair analyst Jon Andersen in a note Friday. 

Beyond Meat and McDonald's are currently running a test program in Canada and the firm expects the companies to expand into a larger program that could eventually turn into a "phased rollout" of the plant-based meat at McDonald's restaurants worldwide. 

"It is our sense that the relatively small initial test of the P.L.T. (plant, lettuce, and tomato) burger in 28 stores in Ontario, Canada, supplied by Beyond Meat will transition to a larger test in the United States and, eventually, a phased rollout of a plant-based burger to McDonald's locations in the United States and, perhaps, globally," Andersen wrote. 

Beyond Meat shares were falling 0.3% to $80.18 on Friday. 

Back in September, McDonald's announced that it was beginning a 12-week Beyond Meat burger pilot across 28 restaurants in Ontario.

"We believe Beyond Meat and McDonald's have been closely collaborating on this offering for some time and are encouraged by the success of Beyond Meat's plant-based products at other restaurant chains," Andersen wrote.

Beyond Meat has been the subject of numerous analyst notes in recent weeks, including a Jefferies note that boosted the stock's price target to $190 from $115 a share with a hold rating. 

Not all of the notes have been positive in recent weeks, however, as Wells Fargo decreased its price target to $100 from $125.

Meanwhile, shares of McDonald's fell 0.16% to $193.69 Friday, though the stock has spent some time in positive territory during the session.