Upstart price target raised to $53 from $39 at BofA

BofA raised the firm’s price target on Upstart (UPST) to $53 from $39 and keeps an Underperform rating on the shares. While “impressed” with Upstart’s execution and the improvements in funding, partner profile, profitability, and product expansion over the past year, the firm thinks the valuation “more than reflects the improvements” with shares up 165% year-over-year and 12% year-to-date. The firm still thinks the “risk/reward skews to the downside,” the analyst tells investors.