The first turnaround stock with triple-digit upside potential in the new year is cloud-based lending platform$Upstart Holdings, Inc.(UPST)$ . Despite plunging as much as 97% from its all-time high set in 2021, Citigroup analyst Peter Christiansen foresees shares of the company reaching $33. This would represent upside of as much as 152% this year.

The clear-cut issue for Upstart is the Federal Reserve's hawkish monetary policy. With the U.S. inflation rate hitting a more-than 40-year high of 9.1% this past June, the nation's central bank has responded by increasing its federal funds rate at the fastest pace in four decades. As rates increase, the desire for consumers and businesses to take out loans decreases. Additionally, it's not uncommon for loan delinquencies to rise as rates climb, which can cause banks and credit unions to think twice before handing out loans.

While high interest rates are less than ideal for a lending platform, Upstart has well-defined competitive advantages that should come into play when the pace of interest rate hikes slows this year.