In a report released yesterday, Youssef Squali from SunTrust Robinson maintained a Hold rating on Blue Apron Holdings Inc (APRN), with a price target of $10. The company’s shares closed yesterday at $8.48, close to its 52-week low of $6.10.
Squali said:
“We maintain a Hold rating following 2Q19 results, which showed accelerating top-line decline but better profitability. We view these results as positive early signs of mgt’s focus on greater operating efficiencies and cost containment as it looks to target fewer but higher-quality customers to re-accelerate growth. Mgt looks to begin the next phase of execution by expanding its core offering, which should help it achieve customer and revenue growth in 2020. Lack of visibility into the near-term execution and intense competition for customers in the meal kit space keep us on the sidelines.”
According to TipRanks.com, Squali is a top 100 analyst with an average return of 25.1% and a 70.8% success rate. Squali covers the Technology sector, focusing on stocks such as ANGI Homeservices Inc, Uber Technologies Inc, and IAC/InterActiveCorp.
Currently, the analyst consensus on Blue Apron Holdings Inc is a Hold with an average price target of $8.
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Based on Blue Apron Holdings Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $7.75 million. In comparison, last year the company had a GAAP net loss of $32.84 million.
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Blue Apron Holdings, Inc. engages in making home cooking accessible. It involves in demand planning, recipe creation, recipe merchandising, and marketing. Its products include meals and wine. The company was founded by Matthew J. Wadiak, Ilia M. Papas, and Matthew B. Salzberg in 2012 and is headquartered in New York, NY.
