10:25 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $0.50 to $7.50, using an EV/sales multiple of 4.2x against our 2024 sales estimate of $341M (up from $338M). We lift our 2024 EPS to -$1.99 from -$2.38 and 2025's to -$0.79 from -$1.24. Q1 adj-EBITDA of -$32.9M and sales of $75.6M (-18% Y/Y) were in line with consensus. The U.S. saw modest improvement (-16% Y/Y vs. -24% Y/Y in Q4), but now International is showing some weakness (-22% Y/Y vs. +29% Y/Y in Q4). Gross margin improved Q/Q, but was still just 4.9%. Q1 cash burn was $32.5M, above the $26.9M cash burn in Q4. However, we see the cash burn rate improving next quarter due to gross margin expansion, operating expense savings, and working capital benefits. The Beyond Burger IV started hitting shelves in April and will be fully distributed by Memorial Day. This premium priced burger, along with cost savings from supply chain consolidation, should drive significant gross margin expansion starting next quarter. Still, a capital raise seems likely this year ($174M cash left).