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.
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Read More on UPST:
- Upstart price target lowered to $50 from $70 at Morgan Stanley
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- Upstart sees Q2 revenue of about $225M, consensus $226.3M