Published on 14 Oct 2024 on Benzinga
Upstart Holdings, Inc. UPST shares are trading higher Monday following an upgrade by Wedbush analyst David Chiaverini. The firm raised its rating from Underperform to Neutral, while significantly increasing its price target from $10 to $45.
What To Know: Chiaverini highlighted that Upstart’s ability to diversify its funding base through long-term capital providers, along with stronger credit buyer demand, is positioning the company for a potential rebound. The analyst noted that recent Asset Backed Securities deals have shown better-than-expected delinquency performance, marking a positive shift for the company after several challenging quarters. However, he cautioned that while recent improvements are encouraging, the company's ability to scale originations while maintaining credit performance remains a key question moving forward.