Canaccord Genuity Thinks Blue Apron Holdings Inc’s Stock is Going to Recover

Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Blue Apron Holdings Inc (NYSE: APRN) on August 10 and set a price target of $11. The company’s shares closed on Friday at $5.12, close to its 52-week high of $11.

According to TipRanks.com, Graham is a 5-star analyst with an average return of 13.7% and a 60.5% success rate. Graham covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, The Meet Group Inc, and Angie’s List Inc.

Currently, the analyst consensus on Blue Apron Holdings Inc is Moderate Buy and the average price target is $7.50, representing a 46.5% upside.

In a report issued on August 4, Oppenheimer also reiterated a Buy rating on the stock.

Based on Blue Apron Holdings Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $238 million and GAAP net loss of $31.63 million. In comparison, last year the company earned revenue of $202 million and had a net profit of $5.53 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.

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