Stock Track | Upstart Holdings Soars 5.06% in Pre-market After BTIG Upgrades to 'Buy' on Bank Charter Plans

Stock Track03-16 20:49

Upstart Holdings Inc. saw its stock surge 5.06% in pre-market trading on Monday, following a significant analyst rating change.

The sharp rise comes after BTIG upgraded the consumer lender's stock to "buy" from "neutral," setting a price target of $43. The brokerage firm highlighted that Upstart's current share value does not reflect potential upside from its plan to apply for a bank charter. This move could allow the company to cut costs and streamline its partnerships with banks, credit unions, and institutional credit funds.

BTIG analysts noted that obtaining a bank charter would address a key downside risk related to Upstart's private credit exposure by ensuring deposits remain available during liquidity crises. The $43 price target implies approximately 63% upside from the stock's previous close. According to data compiled by LSEG, 8 of 16 brokerages now rate the stock "buy" or higher.

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