By Christiana Sciaudone
Investing.com -- Beyond Meat (NASDAQ:BYND) bounced nearly 5% after announcing a new wrap being sold for a limited time at more than 2,600 KFC China stores.
The Plant-Based Spicy Beef Wrap is a meat-free version of a famous limited beef wrap found at KFC China stores. This is the second collaboration between Beyond Meat and KFC China. Last year, the Beyond Burger was sold in KFC China locations. This is the first time that the juicy wrap is available with faux meat, available while supplies last.
Shares are down some 35% from a 12-month high hit in September.
While most analysts have a sell or hold rating on the stock, Bernstein blessed it with a double upgrade earlier this week, saying it's time to buy the dip, CNBC reported. Sales should increase as the economy in the U.S. reopens.
“We believe that Beyond Meat should be recognized as a reopening play that stands to regain meaningful momentum over the coming quarters,” the analyst wrote in a note. Bernstein upped its price target on the stock to $130 from $101.