Beyond Meat Tumbles After JPMorgan Cuts Rating to Neutral on Valuation Concerns
由于估值问题,人造肉公司(Beyond Meat)遭摩根大通(JPMorgan)降评级至中性,股价暴跌
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2019-06-17 09:00
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Beyond Meat (BYND) shares tumbled in pre-market trading Tuesday, setting the stock up for its biggest single-day decline since listing on the Nasdaq last month, after analysts at JPMorgan cut their rating on the stock amid concerns for its sky-high $10 billion valuation.

周二人造肉公司(Beyond Meat)股价在盘前交易中暴跌,创下自上月在纳斯达克上市以来的最大单日跌幅。此前,摩根大通(JPMorgan)分析师由于担心其高达100亿美元的估值,下调了对该股的评级。

JPMorgan said that while it still thinks Street estimates for sales and earnings from the plant-based food group are too conservative, and that its potential addressable market in the alternative meat market remains compelling, the embedded value in Beyond Meat shares, which have risen more than 570% since debuting on May 3, is now priced into the year's hottest IPO. JPMorgan cut its rating on the stock to neutral from overweight, but bumped its price target by $1 to $121 per share.

摩根大通(JPMorgan)表示,尽管它仍然认为华尔街对这家以植物为基础的食品集团的销售和盈利的估计过于保守,且其在替代肉类市场中,它的潜在市场规模仍然引人注目,但其股票的内在价值,在今年最热门的首次公开发行股中已被定上了价格,该股自5月3日首次上市以来已经上涨了570%以上。摩根大通将该股评级从增持下调至中性,但将目标股价上调了1美元,至每股121美元。

"With a valuation this elevated, any hiccup in performance -- real or perceived -- could lead to a meaningful correction in the share price," JPMorgan analyst Ken Goldman wrote. "We do not think an Underweight rating is appropriate at this time. Yes, our price target indicates downside risk; however, it is built on a DCF that models the long-term growth story. It is risky to short Beyond Meat, in our view, given that 2019 financials are likely to exceed Street expectations."

摩根大通分析师Ken Goldman写道:“在估值如此之高的情况下,任何业绩上的小波折——无论是真实的还是可感知的——都可能导致股价出现有意义的回调。我们认为目前减持评级是不合适的。确实,我们的价格目标预示着下行风险。但是,它是建立在DCF的基础上的,这个DCF是个长期增长的模式。考虑到2019年的金融类股可能会超过市场预期,在我们看来,做空该股是有风险的。”

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