Upstart price target lowered to $69 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on Upstart (UPST) to $69 from $105 and keeps an Overweight rating on the shares. While the company’s Q1 reported results came in ahead of consensus both across revenues and margins, performance was driven by net interest income, with fee-based revenue in line with expectations. Guidance assumes “a steady macro environment,” but management acknowledged that uncertainty has increased, and the greatest near-term risk is inflation which will likely impact credit.