Investing.com - Plant-based meat substitute maker Beyond Meat Inc (NASDAQ:BYND) continued its strong run since its IPO, jumping again midday.
The stock climbed 8%, rising above $80 for the first time.
The company priced its shares at $25 per share last week and the stock soared more than 160% on its first day of trading.
The stock received its first sell-side recommendation yesterday, with Bernstein initiating coverage with a buy rating and a price target of $81.
“Recent and planned expansions in production capacity look set to facilitate rapid sales growth in 2019 and beyond,” Bernstein Alexia Howard wrote, according to Bloomberg.
The market for alternative meat could reach more than $40 billion if the category sees the same growth as plant-based beverages, Howard added.