While Beyond Meat Inc. shares are likely to continue to rally following the faux meat-maker’s inaugural earnings report as a public company, investors should wait for them to drop before buying the stock, according to analysts at Jefferies.

The El Segundo, California-based firm “remains one of the best stories in staples,” but with competition likely to intensify and a lofty valuation, “we’d wait for a pullback,” analysts including Kevin Grundy wrote in a note.

Beyond Meat shares surged 18% in U.S. post-market trading after its full-year sales outlook topped analyst expectations. The company said that the guidance was “very conservative.” Prior to Thursday’s report, the stock had surged nearly 300% since its May 1 initial public offering. That’s left it trading at 15.5 times 2021 enterprise value to sales ratio compared with an average of 4.1 times for consumer growth companies, Jefferies said, maintaining a hold recommendation.

The broker raised its price target 24% to $105 a share, the second highest among analysts surveyed by Bloomberg. The stock (BYND) traded as high as $125 a share in the after-hours session.