Shares of plant-based meats provider More on Meat Inc BYND was trading lower Thursday following a note from JPMorgan suggests that McDonald’s Corp MCD has discontinued its testing of Beyond Meat’s McPlant burger.
“We recently spoke with MCD employees at 25 locations that previously carried the product; each stated that the item is no longer on the menu,” JPMorgan wrote in a note to clients.
The analyst firm noted that some McDonald’s employees cited poor sales as the reason the fast-food chain no longer carries McPlant.
“Even if Street estimates don’t have to decline significantly given McPlant’s fortunes, it’s hard to see BYND stock expanding when one of its more visible customers pulls back,” JPMorgan said.
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BYND Price Action: Beyond Meat has a 52-week high of $74 and a 52-week low of $20.50.
The stock was down 5.52% at $30.65 at press time, according to data from Benzinga Pro.
Image: courtesy of McDonald’s.