What happened Shares of Beyond Meat (NASDAQ: BYND) fell 6.7% on Monday, following an analyst downgrade. So what On Friday, Citi analyst Wendy Nicholson began covering Beyond Meat's stock. She placed a sell rating and a $123 target price on its shares. The stock closed at $125.98 on Monday. Citi analyst Wendy Nicholson is bearish on Beyond Meat stock. Image source: Getty Images. Although she recognized the benefits of Beyond Meat's "well-known brand" and strong position within the plant-based meat alternatives industry, Nicholson warned that intensifying competition -- from the likes of Impossible Foods and larger packaged food companies -- could weigh on its future growth. Now what Beyond Meat's shares had been on a tear before Nicholson's downgrade. Its stock price rallied sharply off its lows back in March, eventually rising more than 100% by June. Even after its recent swoon, Beyond Meat's shares are still up 67% year to date. Such rapid gains can often cause a growth stock's valuation to become a bit stretched, and that appears to be the case with Beyond Meat. Despite its recent pullback, its stock is trading at a lofty 17 times analysts' sales estimates for 2020. With Nicholson highlighting the risks that mounting competition could pose to Beyond Meat's expansion, investors appear to be growing more cautious about paying such a hefty price for its shares. 10 stocks we like better than Beyond Meat, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Beyond Meat, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Beyond Meat, Inc. The Motley Fool has a disclosure policy.Source