The 3 Best Vegan Stocks to Buy in May 2024

Core Insights - The vegan market is growing, particularly among younger consumers aged 18 to 34, who prioritize sustainability and health [1] Company Summaries Oatly (OTLY) - Oatly specializes in dairy alternatives, particularly oat milk, and has a significant total addressable market due to the 68% of the global population experiencing lactose malabsorption [2] - Despite a 45% drop in share value over the past year, Oatly remains a speculative investment opportunity [3] SunOpta (STKL) - SunOpta manufactures plant-based and fruit-based products and has received a unanimous strong buy rating from analysts [5] - The average price target for SunOpta is $9.40, indicating over 66% upside potential, with a high-side target of $10, projecting 77% growth [5] - Revenue forecasts are $684.15 million for 2024 and $757.74 million for 2025, up from $630.3 million in 2023 [6] Beyond Meat (BYND) - Beyond Meat has a moderate sell rating, with no buy ratings from analysts, and an average price target of $6.07, suggesting a 26% downside risk [7] - The company has seen a 33% decline in share value over the past year, particularly after disappointing earnings [8]