Beyond Meat (BYND) got an upgrade from Citigroup on Tuesday, March 2.
Citi analyst Wendy Nicholson said the issues that hit the group's fourth-quarter earnings, including higher costs and weak food services revenues, were "mostly temporary", adding that topline sales growth is likely to get back on track once the COVID pandemic recedes later in the year.
Now, let's go over the company's newest partnerships, which were cited in the BYND note.
McDonald's and Beyond Meat agreed to a three-year strategic agreement. Beyond Meat will serve as the "preferred supplier" for the patty
“Our new McPlant platform is all about giving customers more choices when they visit McDonald’s,” said Francesca DeBiase, McDonald’s Executive Vice President and Chief Supply Chain Officer. “We’re excited to work with Beyond Meat to drive innovation in this space, and entering into this strategic agreement is an important step on our journey to bring delicious, high quality, plant-based menu items to our customers.”
And then Beyond Meat and Yum announced a global strategic partnership which will see Beyond and Yum co-create "plant-based protein menu items."
“We are honored to enter into a global strategic partnership with Yum! Brands, one of the world's largest restaurant companies. We look forward to expanding our work with the teams at Yum's iconic KFC, Pizza Hut and Taco Bell brands to together bring truly delicious plant-based product innovation to consumers," said Ethan Brown, Beyond Meat CEO.
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