Upstart downgraded to Underperform from Market Perform at Citizens

Citizens downgraded Upstart (UPST) to Underperform from Market Perform with a $20 price target The firm cites valuation for the downgrade. The introduction of Upstart’s medium-term guidance provides greater clarity into the earnings power of the business at scale, the analyst tells investors in a research note. Citizens says that while the shares have pulled back by 23% since reporting Q4 results three days ago, the company’s current valuation does not adequately reflect peer multiples and risks to its outlook.

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