Upstart Holdings rises after Needham upgrades to 'buy'

Upstart Holdings

13/12/2024 13:35

** Shares of AI lending platform Upstart Holdings
 UPST.O  rise 4.5% to $80.54 in premarket trading
    ** Needham upgrades UPST stock rating to "buy" from "hold";
establishes Street-high PT of $100, representing a 29.7% upside
to stock's last close
    ** Brokerage says UPST's balance sheet has positively
transformed over the last few quarters, given the loan sales and
debt refinancing
    ** Needham says the improved balance sheet has helped reduce
UPST's direct exposure to credit risk and removed an overhang on
the shares     
    ** Signs of a healthy recovery in operating environment for
loans which should bode well for growth - Needham  
    ** Five of 16 brokerages rate the stock "buy" or higher, six
"hold" and five "sell" or lower; with a median PT $75, according
to data compiled by LSEG
    ** As of last close, UPST shares up 88.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))