Upstart upgraded to Neutral from Sell at BTIG

BTIG upgraded Upstart (UPST) to Neutral from Sell without a price target The firm acknowledges that the company’s volumes are likely to accelerate further from here, which it says is the key catalyst for the shares into 2025. While not bullish on Upstart shares, BTIG is using a “bull-case scenario” for the stock of significant revenue growth, while holding the line on expenses. Even with this bull-case scenario, it arrives at a valuation that would only justify Upstart as a Neutral rating.