A New CEO at Blue Apron Isn't the Missing Ingredient
There's change coming at the helm of Blue Apron (NYSE: APRN), but don't let the buoyant market reaction lull you into thinking that anything will actually change for the company. Shares of the leading meal-kit provider moved higher late last week after it announced that co-founder Matt Salzberg was stepping down.
The rally continues this week, as Barclays analyst Ross Sandler is boosting his rating from underweight to equal weight. He is raising his price from $3 to $4, a goal that the stock hit within the first hour of Monday morning's trading. Despite one Wall Street pro seemingly calling for a bottom and the tantalizing notion that new leadership can turn a struggling business model around, it would be naive to think that the best days for Blue Apron lie ahead.
Image source: Blue Apron.
Source: Fool.com
