BUZZ-Upstart Holdings hits more than two-year high after strong Q4 revenue forecast

Reuters2024-11-09
BUZZ-Upstart Holdings hits more than two-year high after strong Q4 revenue forecast

** Shares of AI lending platform Upstart Holdings UPST.O jump 42.6% to $79.08, hitting their highest in more than 2 years

** UPST late Thursday forecast Q4 revenue of about $180 mln, exceeding Wall Street estimates of $162.3 mln - LSEG data

** Even without a significant boost from the macroeconomy, we're back in growth mode, CEO Dave Girouard says

** Q3 revenue jumped 20% to $162 mln, driven by strong growth in lending volumes

** Meanwhile, Q3 net loss narrowed to $6.8 mln, or 7 cents/shr, compared with $40.3 mln, or 48 cents/shr, a year earlier

** At least three brokerages, including Citi, JPM, and Piper Sandler, upgrade UPST stock

** JPM says UPST is "seemingly out of the woods," with loan performance steadily improving over the last several quarters

** Adds it is increasingly encouraged by UPST's improving credit performance and accelerated path to profitability

** As of last close, UPST shares up 35.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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