Upstart upgraded to Buy from Neutral at Redburn Atlantic

Redburn Atlantic analyst Simon Clinch upgraded Upstart (UPST) to Buy from Neutral with a price target of $95, up from $37. The company has now delivered two quarters that have been ahead of expectations, with forward guidance an incremental positive, the analyst tells investors in a research note. The firm now sees a “clear positive inflection” in Upstart’s fundamentals, driven almost entirely by the company’s latest artificial intelligence innovations, which it feels still leaves upside potential from tailwinds related to falling U.S. interest rates. Investors can now look to the future and consider the significant market opportunity for Upstart’s business – “a powerful blend of AI and a scalable technology platform – that could drive the share price to over $250 over the next five years,” contends Redburn.