- The shares of Upstart Holdings Inc (NASDAQ: UPST) have received a $45 price target from Atlantic Equities. These are the details.
The shares of Upstart Holdings Inc (NASDAQ: UPST) have received a $45 price target from Atlantic Equities. And Atlantic Equities analyst Simon Clinch adjusted the rating on Upstart Holdings from “Overweight” to a “Neutral” rating.
Clinch adjusted the rating following the company’s first-quarter results.
“(Q1 2022) results were strong in our view, but the weak outlook for 2Q22 and the cut to FY22 guidance have accentuated already heightened macro fears for the stock. While disappointing, we are more concerned by the company’s increased use of its balance sheet to supplement loan origination – something we believe was unnecessary,” wrote Clinch in a research note. “This significantly increases the risk profile of the business during a challenging credit environment. While we remain positive on Upstart’s business model, competitive positioning, and significant long-term growth opportunity, we do not expect the shares to be rewarded until the company emerges out the other side of the prevailing environment.”
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