Upstart price target raised to $39 from $33 at BofA

BofA analyst Mihir Bhata raised the firm’s price target on Upstart (UPST) to $39 from $33 and keeps an Underperform rating on the shares. The firm is “not surprised” to see Upstart shares trading higher following the company’s Q4 report as the company is “clearly executing well and the ‘turnaround’ is complete.” However, though BofA has “no complaints on the execution or outlook,” it still believes the valuation is “rich,” the analyst tells investors.