With Beyond Meat (NASDAQ: BYND) soaring at the market, J.P. Morgan upgraded the stock to “overweight,” a move discussed on CNBC’s “Halftime Report” Call of the Day, with some other thoughts on the meat substitute company.

Following a recent pullback, BYND hits $189 on the price target (a $1 jump up) with plans to acquire more customers thanks to the strengths they see in their data. As a result, valuations become more attractive.

Valuations become a point of contention. Considering how the stock has dropped since July, the concern seems to be in maintaining a steady level of growth in the next five years that can be counted on to occur.

Conversely, if BYND can rapidly gather more consumers, showing that people decided the quality and growth is a sign to hang on, investors will buy the equity, regardless of recent quarterly earnings. The thought of the future providing for the long-term can be crucial.

Putting the idea of investor faith in the market aside, BYND does seem to show as being overvalued. There’s a high likelihood the stock will be traded up and down based on massive deals with fast-food chains, let alone international distribution.

Related: Beyond Meat Butchered Following Q2 Earnings 

For some additional context, BYND went public back in May, at $25 a share. J.P. Morgan downgraded the stock valuation in June when the company was valued at $10 billion.

J.P. Morgan noted several reasons for their recent upgrade, which included the fact that the stock had dropped 40% since its high back in June.

As CNBC reported, and according to J.P. Morgan analyst Ken Goldman, there were three primary reasons, “The potential to acquire new food-service customers, continued strength in measured data, and valuation.”

This is coming after a very positive post-IPO run some thought of as a bubble. The shares have dropped since late July during a surprise secondary stock offering, larger than expected Q2 losses, and a broader market sell-off.

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