Upstart price target lowered to $87 from $88 at BofA

BofA lowered the firm’s price target on Upstart (UPST) to $87 from $88 and keeps a Neutral rating on the shares. While Q2 results came in “nicely ahead of expectations,” the firm senses investor disappointment with the magnitude of the guidance increase and continuing take rate pressures. Execution remains strong and operating results “continue to inflect nicely,” but an unclear take rate outlook and high valuation keeps the risk/reward balanced, the analyst tells investors.