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. 

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