Shares of plant-based meats provider Beyond Meat Inc (NASDAQ:BYND) are trading lower Thursday following a note from JPMorgan suggesting that McDonald’s Corp (NYSE:MCD) has discontinued its test of Beyond Meat’s McPlant burger.
“We recently spoke with MCD employees at 25 locations that previously carried the product; each said that the item is no longer on the menu,” JPMorgan wrote in a note to clients.
The analyst firm noted that some McDonald’s employees cited poor sales as a reason for why the fast-food chain no longer carries the McPlant.
“Even if Street estimates don’t need to meaningfully decline because of McPlant’s fortunes, it’s hard to see BYND’s stock multiple expanding when one of the more visible customers has backed away,” JPMorgan said.
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BYND Price Action: Beyond Meat has a 52-week high of $74 and a 52-week low of $20.50.
The stock was down 5.52% at $30.65 at press time, according to data from Benzinga Pro.
Photo: courtesy of McDonald’s.
