Meal-kit company Blue Apron (NYSE: APRN) could hit $9 per share over the next 12 to 18 months, or at least that's the opinion of Ryan Meyers of Lake Street Capital Markets. According to financial news website The Fly, Meyers believes the stock is a buying opportunity, citing the company's turnaround plan and its balance sheet.

As of this writing, Blue Apron stock trades at about $4.50 per share, meaning Meyers' price target represents an incredible 100% upside. For this reason, it's worth diving into the underlying premise of a Blue Apron investment thesis to see if it can truly deliver for shareholders from here.

Blue Apron went public in 2017 and had healthy year-over-year revenue growth of 11% that year. However, the company was clearly "buying" its growth by incentivizing low-value customers to use the platform, hoping they'd eventually become loyal fans of the brand. 

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Source Fool.com