Shares of Beyond Meat surged more than 36% Friday after analysts raised their price targets following the company's first quarterly report since going public.

The company's stock, which has a market value of $7.8 billion, is up more than 400% since it went public at the beginning of May. On Friday, its shares touched $136.81, an all-time high.

Credit Suisse analyst Robert Moskow's new price target of $125, up from a previous target of $70 per share, is the closest to the current stock price. Beyond priced its initial public offering at $25 per share.

The company said Thursday that it expects annual revenue to exceed $210 million, more than doubling last year's net sales, but Moskow's estimates put 2019 sales at $224 million.

"Inbound interest from restaurant chains has increased following the tremendously positive publicity during the Beyond Meat IPO," he wrote in a note.

Executives told analysts on a conference call Thursday that they only include post-trial distribution to restaurants in the company's forecasts.

J.P. Morgan analyst Ken Goldman estimates that Tim Hortons, which is currently testing a breakfast sandwich made with the Beyond Breakfast Sausage, could add nearly $23 million in revenue this year. Goldman raised his price target to $120 from $97.

"Importantly, when discussing guidance, CEO Ethan Brown said, 'We're being very conservative' and let investors know that no foodservice customers are included in guidance until they are past the testing stage," Goldman wrote.

Goldman Sachs analyst Adam Samuelson raised his price target to $76 from $67, and Jefferies analyst Kevin Grundy raised his price target to $105 per share from $85.

Beyond Meat reported first-quarter revenue of $40.2 million, up 215% from a year ago, and a net loss of 14 cents per share on a pro forma basis.