McDonald's Dumps Beyond Burgers, Shares Tumble
Investing.com
Published Jun 25, 2020 10:14AM ET
Updated Jun 25, 2020 04:10PM ET
By Christiana Sciaudone
Investing.com -- Plant-based food purveyor Beyond Meat (NASDAQ:BYND) sank 10% this morning after getting dumped by McDonald’s. BYND closed down 4% at $145.31.
McDonald's (NYSE:MCD) six-month trial run of a vegetarian burger in Ontario, Canada, ended quietly April 6, according to CBC News. The burger maker told the outlet that it is "evaluating learnings" from the trial "to help inform future plant-based menu decisions.” Beyond Meat responded to CBC that, "We can only comment generally and share that we were pleased with the test.”
Yesterday, BTIG reiterated its buy rating on BYND after meeting with management. The company has five buys, 10 holds and six sell-equivalent ratings, according to MarketWatch.
McDonald's may not be convinced, but earlier this week, rival Impossible Foods signed a deal with Starbucks (NASDAQ:SBUX) to sell breakfast sandwiches in the U.S.
“People are increasingly aware plant-based products are going to completely replace the animal-based products in the food world within the next 15 years. That’s our mission. That transformation is inevitable,” Impossible CEO Patrick Brown told CNBC’s Jim Cramer on June 23.
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