Beyond Meat Inc BYND is trading lower Monday morning following bearish analyst coverage from Piper Sandler.

Piper Sandler analyst Michael Lavery downgraded Beyond Meat from a Neutral rating to an Underweight rating and lowered the price target from $50 to $29.

Lavery is lowering his expectations on the back of increased competition. 

The Piper Sandler analyst highlighted the company’s disappointing launch in McDonald’s Corp MCD stores. The McDonald’s McPlant offering continues to burn cash with no clear signs of a path to positive EBITDA, Lavery noted.

See Also: 22 Stocks Moving in Monday’s Pre-Market Session

BYND 52-Week Range: $35.74 – $160.27

The stock was down 6.44% at $45.50 at time of publication.

Photo: courtesy of McDonald’s.