Shares of Beyond Meat Inc. BYND, +21.24% pulled back 5.5% in premarket trade Tuesday, after J.P. Morgan analyst Ken Goldman backed away from his bullish call on the maker of plant-based meat alternatives, citing concerns over valuation. The stock has soared 69% the past two sessions, after the company’s better-than-expected first-quarter results and upbeat outlook last week helped trigger a short squeeze. J.P. Morgan’s Goldman cut his rating to neutral from overweight, but nudged up his price target to $121, which is 28% below current levels, from $120. The move comes after Goldman boosted his price target to $120 from $97 on Friday. “As we wrote last week, ‘At some point, the extraordinary revenue and profit potential embedded in [Beyond Meat]…will be priced in’–we think this day has arrived.” He said the risk-versus-reward scenario for investors is now balanced. The stock closed Monday at $168.10, or 6.7-times the $25 IPO price. Over the same time, the S&P 500 SPX, +0.47% has lost 1.1%.