Blue Apron Flop Has Goldman Eating Its Words
Why Blue Apron Shares Are Plummeting
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Six weeks after bringing Blue Apron Holdings Inc. to market, disappointing earnings have spurred lead underwriter Goldman Sachs Group Inc. to offer up a mea culpa.
“We were clearly wrong in our estimate of the logistical challenges of this transition and its ability to reaccelerate customer growth and engagement,” Goldman Sachs analyst Heath Terry said in a note to clients Thursday that downgraded his rating on Blue Apron stock to the equivalent of a hold.