Upstart initiated with a Buy at Truist

Truist analyst Arvind Ramnani initiated coverage of Upstart (UPST) with a Buy rating and $59 price target From the company’s inception, Upstart’s core offering is anchored around GenAI, including its underwriting model, the analyst tells investors in a research note. While its model offers significant improvements to traditional credit models, it is still highly exposed to the credit cycle, and offers a levered way to play the U.S. easing rates and stable/improving consumer credit, Truist says.