By Michael Elkins
A JPMorgan analyst reiterated an Underweight rating on Beyond Meat (NASDAQ:BYND) after speaking with employees at 25 U.S.McDonald’s (NYSE:MCD) locations that previously carried the McPlant product. Each location said that the item is no longer on the menu, leading the analyst to believe that the fast-food chain has broadly discontinued testing the McPlant burger made with Beyond Meat in U.S. markets.
The analyst admits that there is not a great deal of information surrounding the situation, including to what extent BYND’s guidance relied on McPlant expanding in 2H22.
He clarified that JPMorgan is “not commenting on how Beyond’s products with MCD are performing in countries such as the UK." Last quarter, CEO Ethan Brown said that he was pleased by the “continued strong performance” in Europe with McDonald’s.