Barbecue purists may consider plant-based meat alternative Beyond Meat (NASDAQ:BYND) to be a minor form of sacrilege. However, it’s catching on in at least some places, and the market gave it a slight boost in Tuesday’s trading. One move that gave Beyond Meat a lift was a new place to buy it. Specifically, Costco (NASDAQ:COST) stores now offer Beyond Meat’s new Beyond Steak.
Not all Costco stores are in on the action, reports note. However, over 50 such locations will be in on it, so that’s potentially a big new slug of the market that has been opened up.
Costco is just the latest to pick up Beyond Steak, and it’s a move that should help with Beyond Meat’s market penetration play. Recently, Beyond Meat got a hefty boost from McDonald’s (NYSE:MCD) locations in the UK and Ireland. It will also get a hefty boost from a new event: Veganuary. Veganuary targets meat eaters of all sorts—whether regular or merely “flexitarians” that enjoy fish and other meats along with vegetables—to take a chance on a vegan diet.
Whatever it tries, Beyond Meat needs all the help it can get. Analyst consensus calls Beyond Meat a Moderate Sell, with as many Hold recommendations as it has Sells. Moreover, with its average price target of $10.22, Beyond Meat shares suffer from 17.38% downside risk as well.
