Blue Apron Upgraded: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Blue Apron Holdings, Inc. (NYSE: APRN) may not be the literal worst IPO of 2017, but it's certainly in the running. Since going public at $10 in June, Blue Apron stock has plunged 47% -- but things may get better soon.
At least, so says Guggenheim Capital. This morning, the Chicago-based investment banker made a splash in the markets when it called a bottom on Blue Apron stock, initiating coverage with a buy rating and a $9 price target. If Blue Apron gets there, the meals-by-mail provider still won't make it all the way back to its IPO price, but for new investors, that will be OK. A move from today's $5-and-change stock price to $9 will result in a per-share profit of more than 70%.
Source: Fool.com