The stock of Beyond Meat jumped 7% on Tuesday after Piper Sandler upgraded it after learning that the faux meat company's McPlant will be accessible at all McDonald's locations in the United States sooner than expected.
The end-of-March rollout is earlier and more expansive than Piper Sandler had predicted in its forecast. McDonald's has approximately 14,000 locations in the United States.
The brokerage raised its price estimate for the company from $61 to $64. In the current session, it reached a high of $68.96.
Michael Lavery of Piper Jaffray downgraded the stock to neutral. He had given it a low-weight rating.
For over a month, the McPlant has been tested in eight McDonald's locations across the United States. The plant-based burger was developed in collaboration between the fast-food company and Beyond Meat. McDonald's indicated in October that the tests would continue as long as supplies last.