Blue Apron downgraded to Hold from Buy at Lake Street

Lake Street analyst Ryan Meyers downgraded Blue Apron to Hold from Buy with a price target of $2, down from $4, citing "a weak balance sheet" and continued uncertainty surrounding funding after the company announced a further delay to the closing of its planned private placement. This delay, and continued cash burn, creates a risk of bankruptcy, said Meyers, who adds that he expects "large dilution" from using the company’s ATM offering to maintain liquidity covenants.