Blue Apron price target adjusted to $16 from $5 at Benchmark after reverse split

Benchmark analyst Daniel Kurnos adjusted the firm’s price target on Blue Apron to $16 from $5 to reflect the recent 1-for-12 reverse split and keeps a Buy rating on the shares. Blue Apron effected an on-time close of the previously announced FreshRealm transaction on Friday, sending shares up over 67% on the day, notes the analyst, who is leaving the firm’s estimates unchanged. However, the firm points to forward consensus revenue as “the only near-term potential fly in the ointment for a move we think still has substantial potential legs.”