Morgan Stanley upgrades Upstart, raises target on improved funding dynamics

Investing.com02-14

Investing.com -- Morgan Stanley upgraded Upstart Holdings Inc (NASDAQ:UPST) to "Equal-Weight" from "Underweight" given an improved funding dynamics, employment stability, and a shift toward prime borrowers that could boost loan volumes. The firm also raised its price target to $70.

“We are monitoring UPST's monthly credit performance to gain confidence in the company's ability to accelerate volumes with stable and improving credit performance,” analyst at Morgan Stanley (NYSE:MS) said.

While maintaining a cautious stance on Upstart’s core total addressable market (TAM), Morgan Stanley noted that private capital inflows are enhancing funding efficiency, and stronger-than-expected employment trends support macro stability.

The bank now values Upstart at a 25x multiple of its projected 2026 adjusted EPS of $2.86 but warned that a macroeconomic downturn could lead to significant estimate revisions.

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