Upstart assumed with an Overweight at Piper Sandler

Piper Sandler assumed coverage of Upstart (UPST) with an Overweight rating and $75 price target The firm says that barring unexpected macro-driven interest rate cuts or a decline in borrower health, it sees “significant upside potential” to Upstart’s near-term earnings, saying the company’s artificial intelligence lending model extends more accurately priced loans. Longer-term, traditional lending practices are primed for technological disruption and Upstart is positioned well to “penetrate a very large” total addressable market, the analyst tells investors in a research note.