Allegations against Beyond Meat (NASDAQ:BYND) COO Doug Ramsey added to concern on the ability of the company to navigate current market headwinds.
Canaccord Genuity commented on the suspension of the COO after he allegedly bit a man on Saturday in Arkansas, noting that it adds to concerns about the company’s list of headaches. While reiterating “Hold” rating on the stock, the firm’s analysts lowered estimates for the company amid “elevated competition” and slowing overall demand for plant-based meat products.
“We expect BYND to garner lower margins and deliver tepid growth until inflation abates somewhat, given its impact on premium consumer products, clouding the view for appreciable share recovery,” the analysts concluded.