Credit Market ConditionsSoft 2Q25 guidance signals cautiousness, reflecting cautiousness in near-term credit appetite amid uncertainty.
Financial Guidance2Q25 revenue guidance of USD225mn disappointed markets, as management cited potential re-inflation could make things less affordable for consumers.
Valuation ConcernsRemain Equal-weight given UPST is still trading at ~62x GAAP EPS estimate, and would look to become more constructive if durable evidence of model improvements is seen.