Out of the eight Wall Street firms covering Beyond Meat’s stock, five of them raised their price targets on the alternative food company, after the company’s earnings release last weak catapulted BYND higher.

Shares of the alternative meat company have risen more than 600% since its initial public offering of $25 a share, hitting a high of $186.43 a share in trading on Monday. BYND has since fallen back some from that level and was recently trading at roughly $167.82, still up 20% for the day. Beyond Meat reported first-quarter results on Thursday that were much stronger than expected, signally to investors that it expects revenues to more than double over the next year.

Credit Suisse, who had projected BYND at $125 a share, was immediately eclipsed by the stock’s performance when Beyond Meat’s stock began trading on Monday. Beyond Meat shares skyrocketed toward its third best day of trading ever, climbing more than 25% at one point.

Beyond Meat “issued revenue guidance for 2019 that exceeded our estimate by 11% due to distribution gains and velocity growth,” Credit Suisse analyst Robert Moskow explained to investors on Friday.

But some analysts believe the alternative meat company has made gains too quickly, and that the bubble may soon burst.  What goes up must come down, cautioned TD Ameritrade Chief Markets Strategist JJ Kinahan on Yahoo Finance’s The First Trade. Kinahan said he finds it troublesome when a stock rallies so quickly in a straight line as Beyond Meat (BYND) has done since its May initial public offering.

Despite it’s rapid ascension however, many analysts are sanguine that BYND will continue to make gains.

“At some point, the extraordinary revenue and profit potential embedded in [Beyond Meat] will be priced in,” J.P. Morgan analyst Ken Goldman told investors on Friday. Goldman’s forecast is $120.

 But “as long as Street forecasts fail to properly reflect BYND’s remarkable potential, we remain Overweight,” Goldman added.

Apart from the grocery store sector, Beyond Meat also looks to form strategic deals with food service providers like McDonald’s, making the stock more attractive longer term.

According to experts, there is significant potential for growth if Beyond can meet demand. Its share price could see an additional 30% bump if it strikes a deal with McDonald’s, according to Jefferies.

“While Beyond’s 1Q was relatively in line (update provided in April), the company’s upwardly revised FY20 sales outlook (+140% YoY vs. +120% prior), broad-based momentum, and bullish commentary on ability to handle a potential McDonald’s win should continue to drive the stock higher,” wrote Jefferies analyst Kevin Grundy after the earnings release.

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