Here are Friday’s biggest analyst calls of the day: Tesla, BlackRock, Beyond Meat & more

Investing

Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale on November 15, 2019 in New York City. Vegetarian alternatives to burgers and sausages, revived by start-ups like Beyond Meat and Impossible Burger, are enjoying a certain enthusiasm that meat giants also want to enjoy.

ANGELA WEISS | AFP | Getty Images

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Here are the biggest calls on Wall Street on Friday:

Bernstein increased its price target on Beyond Meat to $117 from $106

Bernstein increased its price target on the alternative meat company and said it saw “upside” to the company’s partnership with McDonald’s.

“We previously estimated that Beyond Meat could generate $168m sales from a McDonald’s partnership in the U.S. through a top-down approach. By taking a bottom-up approach, we assume 45-55 patties/store/day at $1.0-1.1 per patty, which is higher than the ~28 Impossible Whoppers sold at Burger King per store per day given MCD’s greater scale and substantially higher sales velocity. On this basis, we estimate that BYND could generate $227-306m incremental sales from a potential MCD rollout in the U.S.

Deutsche Bank downgraded BlackRock to ‘hold’ from ‘buy’

Deutsche Bank downgraded the investment management company mainly on valuation.

:With 4Q19 being one of the best earnings seasons for traditional asset managers in recent memory, we think the rally may pause for at least the near-term, especially with fundamentals remaining quite challenged, aside from positive markets. With this view, we also downgrade BlackRock from Buy to Hold, as the stock has approached our price target and we see the risk/return profile as less compelling.”

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