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Fly News Breaks for February 19, 2020
Feb 19, 2020 | 10:29 EDT
SunTrust analyst Youssef Squali lowered the firm's price target on Blue Apron to $5 from $8 and keeps a Hold rating on the shares. The company's Q4 results showed weaker than expected top and bottom lines, driven by continued customer losses as management works on expanding product choices, Squali tells investors in a post-earnings research note. Importantly, Blue Apron's board is evaluating strategic alternatives including a sale, as the company requires capital infusion to fully fund its growth plans, adds the analyst. Squali believes a sale of Blue Apron is the most likely outcome but thinks the company may not warrant the premium received by competitors Plated and Home Chef. Blue Apron in morning trading is down 22%, or 96c, to $3.42.
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