© Reuters.

Beyond Meat Rises as Bernstein Gets Bullish on McDonald’s Potential By Investing.com


© Reuters.

By Kim Khan

Beyond Meat (NASDAQ:) bounced Friday after a price-target boost based on potential for a full-scale deal with McDonald’s (NYSE:).

Shares of Beyond Meat rose nearly 4% in midday trading.

Bernstein raised its price target on the stock to $117 per share from $106. It also reiterated its neutral rating on the stock.

McDonald’s is currently testing Beyond Burgers at select locations.

Bernstein initially estimated a partnership would bring about $168 million to Beyond Meat’s top line, but said today it thinks that figure could be substantially higher.

“By taking a bottom-up approach, we assume 45-55 patties/store/day at ($1-$1.10) per patty, which is higher than the (about) 28 Impossible Whoppers sold at Burger King per store per day given MCD’s greater scale and substantially higher sales velocity,” Bernstein said. “On this basis, we estimate that BYND could generate ($227 million to $306…

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