Upstart upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler last night upgraded Upstart (UPST) to Overweight from Neutral with a price target of $85, up from $31. The company will benefit from a more accommodative rate environment, improved lending dynamics and upgrades to its lending model, the analyst tells investors in a research note. The firm says Upstart’s partnership with Blue Owl enables it to purchase $2B in loans over the next 18 months. Upstart now has over half of its loan funding from committed capital, which introduces a degree of stability to its business model, contends Piper.