Upstart price target lowered to $50 from $70 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Upstart (UPST) to $50 from $70 and keeps an Equal Weight rating on the shares. Volumes and credit data remain strong, but a softer Q2 outlook coupled with a lack of full-year revenue flow through on higher interest income are “the key source of weakness,” the analyst tells investors. Macro will be key, but so long as trends remain stable and credit is contained, the “revisions path seems intact,” added the analyst in a post-earnings note.