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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 $US10 a share, and has been slowly declining since. This week, Northcoast Research published the first Wall Street price target for the stock at $US2 a share. Snap gained 44% on its first day of trading in March but has since been coming down and closed below its $US17 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 $US28 to $US16 a share.

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