Shares of BYND are down 3% in premarket trading.
“We believe that McDonald’s … has broadly discontinued its US test of the McPlant burger,” analyst Ken Goldman, who has an Underweight rating on BYND, wrote in a note.
“We recently spoke with MCD employees at 25 locations that previously carried the product; each said the item is no longer on the menu. Not surprisingly, the reason sometimes being cited is that the product did not sell well.”
“We don’t have a great deal of information outside of this, including to what extent BYND’s guidance relied on McPlant expanding in 2H22,” Goldman said.
“We are also not commenting on how Beyond’s products are performing in counties like the UK; last quarter, CEO Ethan Brown (said) he was pleased by the ‘continued strong performance’ in Europe with McDonald’s,” he added. “But clearly this isn’t good news for the narrative.”
It was reported earlier this month that BYND might be having trouble with its fast food partnerships.
Image and article originally from seekingalpha.com. Read the original article here.