Stock Track | Upstart Stock Soars 5.20% as Citigroup Raises Target Price Following Strong Q2 Results

Stock Track08-07

Shares of Upstart Holdings, Inc. (UPST) are soaring 5.20% in pre-market trading on Thursday, following Citigroup's decision to raise the company's target price to $100 from $83. This bullish outlook comes on the heels of Upstart's impressive second-quarter financial results, which have reinvigorated investor confidence in the AI-powered lending platform.

Upstart's Q2 performance exceeded expectations, with revenue doubling to $257 million compared to the same period last year. The company also reported a positive net income of $5.6 million, a significant turnaround from the $54.5 million loss in Q2 2024. This strong financial showing, coupled with the company's optimistic full-year guidance projecting a 65% revenue increase in 2025, has caught the attention of both investors and analysts.

The market's enthusiasm for Upstart is further fueled by the company's expanding footprint in the auto loan and home equity line of credit (HELOC) markets. These new verticals, while currently representing only about 2% of Upstart's total loan originations, are showing promising growth trajectories. The auto lending segment, in particular, has seen a nearly five-fold increase in originations compared to the previous year. As Upstart continues to leverage its AI-driven credit evaluation model across these larger markets, investors are betting on the company's potential for sustained growth and market disruption in the financial services sector.

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