Beyond Meat Inc. (BYND.O) just got its first sell-side bull after its splashy IPO last week.

The stock, up an eye-popping 199 per cent since its trading debut on May 1, is a new outperform at Bernstein, and analyst Alexia Howard sees more upside, albeit much smaller than its latest gains. Her assigned price target of US$81 implies an eight-per-cent appreciation from the stock’s last close at US$74.79.

"Recent and planned expansions in production capacity look set to facilitate rapid sales growth in 2019 and beyond," Howard wrote, estimating that if the alternative meat category follows the same growth path as plant-based beverages, the total addressable market could reach about US$40.5 billion in the U.S. over the next decade.

While the company is facing competition from the likes of Impossible Foods, rising consumer demand should allow multiple brands to share the market, Howard wrote. What’s more, the African swine fever outbreak in China could drive up global meat prices, making plant-based burgers look more attractive, she added.

Other Wall Street analysts will be able to weigh in on the stock after research restrictions expire on May 28. Goldman, JPMorgan, Credit Suisse, BofAML, Jefferies and William Blair are among banks that managed the company’s initial public offering who will then be allowed to publish research after the quiet period ends.