Blue Apron Holdings Inc. shares gained 0.7% in Friday morning trading after Gabelli & Company analyst Matthew Trusz initiated coverage of the company with a buy rating. He sees the company as “turning the corner on well-publicized operational issues,” namely its transition to a new facility in Linden, N.J. Trusz points to a couple indicators that suggest Blue Apron may be rebounding, including search trends. He figures that the meal-kit firm has an $8 billion total addressable market currently, representing 8.25 million households in the U.S. That could grow as more people become comfortable ordering groceries online, he wrote. Trusz also sees “good reasons” for Walmart Inc. to either partner with Blue Apron or buy it outright. He has a private market value of $6 on shares. Blue Apron shares have tumbled 79% from their June IPO price, while the S&P 500 has gained 17%.
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