(Bloomberg) -- Blue Apron Holdings got a vote of confidence on Monday, when Barclays analyst Ross Sandler gave the meal-kit company its first upgrade since its June IPO. The shares had sunk more than 60 percent since the listing, but rocketed as much as 33 percent intraday, the most on record.
Today, Sandler turned his attention to another troubled former IPO darling -- Snap Inc. “The worst is behind SNAP and the company is likely to get back on track in 2018,” Sandler wrote, raising the stock to overweight and sending the shares up as much as 11 percent. The stock had traded at a 20 percent discount to its March 1 listing at the previous close.
It marks the photo-sharing app’s first upgrade since August, according to Bloomberg data, taking the proportion of analysts who recommend buying the shares above 20 percent.
With Blue Apron now on equalweight footing, Sandler remains negative on just one stock -- Twitter Inc. The social media company trades about 23 percent below its November 2013 IPO price. Sandler’s price target of $18 implies the shares may have a further 12 percent to fall.
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