J.P. Morgan said Beyond Meat's above-the-Street estimates now appear to be priced into the stock.

"We are downgrading the BYND shares to Neutral from Overweight. When we raised our price target to $120 from $97 last Friday morning, the shares most recently traded at $99.50; yesterday they closed at $168.10, a +69% move in two days (SPX +2%). As we wrote last week, "At some point, the extraordinary revenue and profit potential embedded in BYND… will be priced in" – we think this day has arrived. Our above-the-Street estimates remain unchanged and our price target is more-or-less the same (up $1 merely to reflect lower rates – we value BYND via a DCF). In other words, this downgrade is purely a valuation call."

Read more about this call here.