Upstart Kept at Hold as Analyst Trims Target to $32 Amid Slower Origination Run-Rate and Mixed Growth Outlook

In a report released yesterday, Will Nance from Goldman Sachs maintained a Hold rating on Upstart Holdings, with a price target of $32.00.

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Will Nance has given his Hold rating due to a combination of factors related to Upstart’s recent origination trends and near‑term outlook. April loan originations came in solid in absolute terms, but the implied run‑rate for the second quarter is tracking modestly below current consensus expectations, suggesting limited upside to forecasts and contributing to a more balanced risk‑reward profile at this time.

In addition, while daily volume growth remains healthy, it is occurring against tougher year‑ahead comparisons and with lingering uncertainty around the mix and profitability of newer areas such as auto and HELOC loans. Given these dynamics, Nance reduced his price target from $35 to $32 and prefers to await further clarity from upcoming earnings on the sustainability and quality of growth before taking a more decisive positive or negative stance on the shares.

According to TipRanks, Nance is an analyst with an average return of -7.6% and a 42.08% success rate. Nance covers the Technology sector, focusing on stocks such as NCR Voyix, Klarna Group Plc, and Paymentus Holdings.