Upstart upgraded to Equal Weight at Morgan Stanley on three ‘key’ changes

As previously reported, Morgan Stanley analyst James Faucette upgraded Upstart (UPST) to Equal Weight from Underweight with a price target of $70, up from $12, citing “three key items” that have changed. One, a private capital influx is leading to more efficient funding dynamics; two, employment has proven to be stickier than the firm expected; and three, while its view on Upstart’s core market hasn’t changed, a prime mix shift will be incremental to prior volume expectations, the analyst explains.