Beaten up Blue Apron Inc. (APRN) - Get Report shares surged in premarket trading Monday after Goldman Sachs initiated coverage of the meal kit delivery company with a price target of $11.

Blue Apron shares were 8.6% higher Monday morning. Shares in the company closed at $6.55 on Friday. Shares have lost 34% since they started trading in June.

Blue Apron began trading at $10 on June 29, but fell below their float price after Amazon (AMZN) - Get Report said it was entering the meal kit market.

A number of analysts initiated coverage on Monday. Goldman Sachs gave Blue Apron a buy rating with a price target of $11.

Morgan Stanley was less exuberant, initiating coverage with an equalweight rating and a price target of $7.50. RBC Capital Markets started Blue Apron with an outperform rating.

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