Three plant-based breakfast sandwiches are now available at 4,000 locations across the country. Its stock is back up nearly 13 per cent on the news, a reversal of its earlier losses this week, which followed JPMorgan Chase and Sanford C. Bernstein cutting their ratings. (Bloomberg, CBC)
Talking point: The news appears to have reversed a bad week for Beyond Meat. The firm’s stock suffered from the two downgrades: JPMorgan said it was because it was valued too high; Sanford said it was too volatile. There are now no Wall Street analysts who recommend purchasing the stock, which is rare for a company that just went public in May, in the highest IPO since the 2008 financial crisis. But it’s now recovered through its partnership with Tim Hortons, its second major one in Canada—its first was a burger with A&W Canada in 2018. That one of the country’s largest coffee chains is carrying its products is a vote of confidence in their continuing demand. Beyond Meat now needs to match its supply. In 2018, A&W had to temporarily halt sales of the burgers just weeks after they were introduced. U.S. burrito chain Freebirds is currently doing the same.