Beyond Meat Sinks 25% as Wall Street Starts Worrying About Price

Beyond Meat Inc. fell in its worst day since its initial public offering, pausing rally that has rocketed the stock more than 500% higher, after the last bullish analyst among the fake-meat company’s underwriters threw in the towel.

JPMorgan Chase & Co.’s Ken Goldman cut his recommendation on the stock to neutral from overweight, saying it’s now too expensive, with a $10 billion enterprise value that’s 27 times estimated 2020 sales. The two-day frenzy that lifted the stock 69% from Thursday’s close through Monday was too much, said the analyst.