TD Cowen analysts initiated coverage on Beyond Meat (NASDAQ:BYND) with an Underperform rating and a price target of $10. As a result, shares dropped nearly 5% yesterday.

The analysts expressed concerns about the company's product quality and its fragile financial position. They noted that Beyond Meat is losing market share in the declining category of refrigerated plant-based meat alternatives, and while the company is taking steps to preserve cash and stabilize sales, the analysts believe that the financial risks and weak consumption patterns in the meat alternatives sector are significant challenges for the company.