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Blue Apron Surges 9% as 7 Underwriters Start at Buy

Blue Apron Surges 9% as 7 Underwriters Start at Buy

Blue Apron's (NASDAQ: APRN) stock jumped more than 16% on Monday after a slew of Wall Street firms, including underwriters of the meal kit company's initial public offering, gave the fledgling service a positive outlook.

Blue Apron (APRN) received multiple buy ratings as coverage was initiated on the provider of meal preparation kits, a market that Amazon (AMZN) has shown intentions of entering. Investors are afraid that e-commerce giant Amazon's potential entry into the market may take away some market shares from Blue Apron. They issued an outperform rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. $9.39's average target is 31.33% above currents $7.15 stock price. The firm issued a buy rating and a $11.00 target price on the stock.

Stifel's Scott Devitt starts the stock at Buy with a $10 price target, writing that "the young company has built a sophisticated, technology-driven supply chain and logistics network which should support its leading position in the crowded meal kit company landscape".

Goldman Sachs Group, Inc. Nordstrom Inc. had 78 analyst reports since August 14, 2015 according to SRatingsIntel.

Shares of Blue Apron Holdings (APRN) opened at 7.40 on Thursday. (The) initiated coverage on Blue Apron Holdings in a research report on Monday. Finally, Barclays PLC initiated coverage on Blue Apron Holdings in a research report on Monday.

RBC's Mark Mahaney, starting at Outperform with a $10 price target, writes that "the company's new product and service initiatives enhance its consumer value proposition and will lead to re-accelerating growth in FY18 and a multiple re-rating". The company's market cap is $196.78 million.

The bank, which advised Amazon on its acquisition of Whole Foods, did not cite Amazon as a risk to Blue Apron. The stock has a 50 day moving average price of $7.82 and a 200-day moving average price of $7.82. The company has market cap of $190.10 million.

Morgan Stanley assumed coverage on shares of Blue Apron Holdings (NASDAQ:APRN). The Company is focused on providing recipes and fresh ingredients for making home cooking accessible.

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