Upstart price target lowered to $37 from $40 at Needham

Needham analyst Kyle Peterson lowered the firm’s price target on Upstart (UPST) to $37 from $40 and keeps a Buy rating on the shares. The company reported mixed Q1 results, as revenue came in above expectations, though profitability missed consensus as expenses ran heavy during the quarter, the analyst tells investors in a research note. It’s fair for investors to scrutinize the print, though Needham notes that it was still impressed with how well Upstart has been able to navigate a tighter funding environment and maintain top-line momentum despite the concerns about private credit.

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