Shares of Beyond Meat (NASDAQ: BYND) fell by 29% in November, according to data provided by S&P Global Market Intelligence. The decline has extended the fall in the plant-based meat producer and distributor's share price to 44% year to date. In the U.S., net revenue declined by 13.9% year over year to $67.5 million due to lower overall demand coupled with supply chain issues.
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Tuesday morning, global financial services mainstay HSBC Holdings initiated coverage on Beyond Meat shares. The company probably wishes the bank hadn't; analyst Jeremy Fialko put a reduce (sell) tag on the stock, at a $62 per share price target. Both privately held up-and-comers like Impossible Foods and publicly traded comestibles majors such as Tyson Foods have developed meat alternatives with a range of products.