Beyond Meat downgraded on results, cash flow guidance

Shares of battered Beyond Meat Inc.
BYND,
+4.11%
are down 3.5% Monday after the stock was downgraded by Barclays amid volatile market conditions and lingering questions around Beyond’s results and cash flow guidance. Barclays analyst Benjamin Theurer downgraded the stock to underweight from equal weight while shaving the price target to $10 from $13. “Although the company expects to turn cash flow positive by 2H23, we remain skeptical given current cash burn rates and a sizable net loss of over $100 [million] in 3Q22,” Theurer said in a note. Beyond Meat’s stock has plunged 81% this year. The broader S&P 500 index
SPX,
-0.16%
is down 17% in 2022.