shares of Beyond Meat Inc BYND rose in the early session Friday after The company reported quarterly earnings.

The El Segundo, Calif.-based company reported a quarterly loss of $1.05 per share, higher than estimates of a $1.15 per share loss. This is how analysts reacted.

• Bank of America securities Peter Galbo maintained an Underperform rating and a price target of $5.
• Mizuho Securities Analyst John Baumgartner maintained a neutral rating and price target of $20.

Cash other stock reviews by analysts.

BofA Securities

• Beyond Meat revenue for the fourth quarter of 2022 was $79.9 million. That’s above BofA’s $66.5 million guidance and gross margin. Although still negative, it’s a significant improvement compared to the third quarter, Galbo explained.
• Although the company “showed progress” during the quarter, there are concerns about its “ability to deliver revenue growth in the second half despite easy comparisons” and if growth returns but inventory levels are lower, “the ability to continue service/ maintain fill rates at reasonable levels,” he added.

Mizuho Securities

• “The fourth quarter was broadly as expected, but plans for FY23 include a change in strategy that is better suited to laying a foundation for multi-year revenue growth,” Baumgartner wrote.
• “Rather than continuing to build mass markets with discounts and marketing, they are focusing on the channels/segments that resonate best with consumers,” he added.

BYND Price Action: Shares of Beyond Meat were up 27.01% at $21.77 at the time of Friday’s publication.