Upstart Holdings Stock Soars 17% After BTIG Raises Q2 Revenue Estimate

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Upstart Holdings Stock Soars 17% After BTIG Raises Q2 Revenue Estimate

seekingalpha2023-07-26

Upstart Holdings stock surged 17.43% on Tuesday after a BTIG analyst said he sees a good chance that the AI-driven lending platform for banks turns in stronger-than-expected Q2 revenue next week.The ...

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The average analyst estimate for Q2 revenue is $135.0M.Based on web traffic analysis, BTIG analyst Lance Jessurun expects Upstart (UPST) revenue to exceed guidance and consensus by ~$10M. \"We model our rate request assumptions based on a rebound in web traffic volume seen during 2Q, and assume a 10% conversion rate, modestly higher than the prior quarter, but far lower than historical averages,\" he said in a note to clients.Data from third-party sources indicated similar volume growth during the quarter, he said.That puts his Q2 revenue estimate at $145M. As a result, Jessurun raised his price target on the stock to $72 from $42 and reiterated his Buy rating.Meanwhile, in a recent note, JMP analyst David Scharf kept his rating on Upstart (UPST) at Market Perform. 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