Beyond Meat price target lowered to $7.50 from $13 at Canaccord

Canaccord lowered the firm’s price target on Beyond Meat to $7.50 from $13 and keeps a Hold rating on the shares. The firm said revenues in Q3 were lower than expected due to several factors, including weaker sales in U.S. retail and U.S. foodservice channels due to ongoing soft demand in the plant-based meat category, diminished promotional effectiveness exacerbated by flat fee programs failing to achieve the expected volume increase, and an adverse shift in the product sales mix.