Blue Apron (APRN) PT Lowered to $11 at Canaccord Genuity
Canaccord Genuity lowered its price target on Blue Apron (NYSE: APRN) to $11.00 (from $14.00) while maintaining a Buy rating. Blue Apron reported its first quarter as a public company with mixed customer metrics but slight beats on revenue and EBITDA vs. consensus.
The company lost 93k customers sequentially due to a cascade of effects from a delay in scaling volume at its new Linden, NJ fulfillment center. Analyst Michael Graham views this development as decidedly temporary, and is encouraged by the better customer engagement metrics.