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(CNN Business) —  

Beyond Meat’s stock had soared more than 570% from its initial public offering price as of the market close on Monday. But one Wall Street analyst thinks the plant-based protein company’s valuation is now beyond reason.

JPMorgan’s Ken Goldman downgraded Beyond Meat (BYND) to a “neutral” rating on Tuesday, news that sent shares plummeting nearly 20% in early trading.

The runaway success of Beyond Meat since its May 2 IPO seems like a classic case of investor mania.

The company is not yet profitable and reported a mere $40 million in quarterly sales. Yet the company was valued at nearly $10 billion at Monday’s closing price of about $168 a share.

To put that into context, the company is worth more than 71 companies in the S&P 500, including much older and well-known consumer companies like Ralph Lauren (RL), Gap (GPS), Kohl’s (KSS), Macy’s (M) and Nordstrom (JWN).

Beyond Meat has been rapidly introducing new products and has partnered with fast-food companies such as Restaurant Brands (QSR)-owned Tim Hortons, TGI Fridays and Hooters parent company Chanticleer (BURG).

Beyond Meat also has a leg up on its rival Impossible Foods – which has partnered with Tim Hortons’ corporate cousin Burger King on an Impossible Whopper – because Beyond Meat sells its burgers in grocery stores, while Impossible does not yet have retail distribution.

But JPMorgan’s Goldman, who just raised his forecast for the stock to $120 a share last Friday, noted in his report Tuesday that Beyond Meat had surged “beyond our price target.”