8/20/2019, 3:52 PM (Source: TeleTrader)
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Beyond Meat spikes on upgrade by JPMorgan

Beyond Meat Inc. advanced almost 9.5% on Tuesday after analysts at JPMorgan Chase said it is "appealing once again." The investment bank improved its view to overweight from neutral and moved the price target by just $1 to $189 per share.

Before today, the maker of substitutes for meat products tumbled 39.71% from the intraday peak of $239.71 registered on July 26 and the report adds the selloff may have gone too far. JPMorgan estimated cash-on-hand should top $300 million by the end of September and that the company would lift its outlook. It stressed the potential in reaching other customers in services operations, data improvements and valuation.

Beyond Meat was 8.99% higher at 9:37 am ET, selling for $157.5 per share, translating to $9.48 billion in market capitalization. Earlier it touched a five-day high at $158.2. The price grew 530% from the initial public offering held at the beginning of May.

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