Ethan Brown, founder and CEO of Beyond Meat, prepares to ring the opening bell to celebrate his company's IPO at the Nasdaq Market site in New York, May 2, 2019.

Wall Street analysts following initial public offerings are normally bullish, but the first major reports on Beyond Meat are tepid, saying the stock has just run too far too fast in the weeks following its much anticipated debut.

The major analysts started coverage on the plant-based meat substitute on Tuesday, honoring a typical grace period seen by the underwriting firms and other major analysts. The alternative meat play has more than tripled from its $25 IPO price earlier this month.

"We think the stock's valuation already factors in a best-case scenario for the company's growth rate over the next six years without taking into account typical near-term execution risk for early-stage start-up companies," Credit Suisse analyst Robert Moskow said. The firm started coverage of the stock at neutral.

"We initiate coverage of Beyond Meat with a Neutral rating and $67 12-month price target, implying 16% downside potential," Goldman Sachs said.

But there was one analyst feeling a bit more confident with an overweight initiation.

"We see many other reasons to be constructive on the shares, including that a) BYND only needs to capture a fraction of this expansive TAM to be successful, b) Beyond is a true disruptor with a differentiated product and a commitment to innovation, c)= the margin upside is underappreciated, and d) at least one major QSR chain likely will become a customer by the end of the year," J.P. Morgan analyst Ken Goldman said.

Shares of Beyond Meat were up over 6.51% in early trading on Tuesday.

Here are what the analysts are saying about Beyond Meat: