Beyond Meat (BYND) - Get Report  received an outperfom rating from Alliance Bernstein and the stock was rising in premarket trading on Tuesday.

Analyst Alexia Howard has an $81 price target on the newly public vegan meat packaging company, suggesting 8% upside from the current level. 

"Recent and planned expansions in production capacity look set to facilitate rapid sales growth in 2019 and beyond," Howard wrote in a note.

She said she thinks the total addressable market for plant-based meat could reach $40 billion in the U.S. over the next 10 years.

Beyond Meat's 2018 revenue was $87 million, and grew more than two-fold from 2017. While the company's revenue upside seems to be tremendous, there may be some competition from the likes of Impossible Foods, which sells the Impossible Burger, a plant-based burger, which is sold in some Burger King locations. 

Other research could be issued at the end of May or the beginning of June after the research restriction period ends May 28. Goldman Sachs, JPMorgan, Credit Suisse, Bank of America, Jefferies and William Blair are some of the banks that underwrote Beyond Meat's IPO, and could publish research on the company. 

The stock was rising 1.16% to $75.70 a share Tuesday. 

Beyond Meat went public on May 2 at $25 a share.