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Canaccord Genuity reiterated its "Buy" rating on Blue Apron's (APRN) - Get Blue Apron Holdings, Inc. Class A Report stock with an $11 price target.

The firm's price target represents just over 100% upside from Wednesday's close.

"We continue to view the current headwinds as decidedly temporary, and management's recent commentary reinforces our view that the company is working through the issues at a good pace and can largely complete the transition by the end of the year," Canaccord analyst Mike Graham noted.

Despite the firm's bullish call, shares of Blue Apron are lower over 43% since going public in June.

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