The 2 hottest IPOs of 2017 have been enormous flops
A rough week for Blue Apron and Snap both of which went public in 2017. Blue Apron went public at the end of June, at $10 a share, and has been slowly declining since. This week, Northcoast Research published the first Wall Street price target for the stock at $2 a share. Snap gained 44% on its first day of trading in March but has since been coming down and closed below its $17 IPO price for the first time on Monday. Morgan Stanley analyst Brian Nowak downgraded the stock on Tuesday from overweight to equal weight and cut his price target from $28 to $16 a share.
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