Blue Apron Downgraded After Management Shake-Up At RBC Capital

As previously reported, RBC Capital analyst Mark Mahaney downgraded Blue Apron (APRN) to Sector Perform from Outperform after the company announced that co-founder Matt Salzberg will be exiting as CEO and Brad Dickerson will be stepping into that role.

Mahaney, who acknowledged he has “been arguably overly patient with the company,” said the management change implies less visibility and certainty into Blue Apron’s fundamentals.

He lowered his price target on the stock to $4 from $6.