Barclays analyst Ross Sandler upgraded Blue Apron (APRN) to Equal Weight and raised his price target for the shares to $4 from $3.
The meal delivery service closed Friday up 24c to $3.23. With the stock down 15% since the last earnings report, the risk/reward appears more favorable, Sandler tells investors in a research note.
He views the promotion of Brad Dickerson to CEO as a positive but admits Blue Apron’s competitive environment “remains fierce” with HelloFresh taking market share.
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