Upstart's Stock Collapses Amidst Sluggish Lending Market

Upstart Holdings Inc. has capitalized on Wall Street’s artificial-intelligence fervor this year, but it can’t shake a sluggish lending market.

The stock’s roaring 2023 rally was set to cool Wednesday, with Upstart shares UPST off 24% in morning action after surging nearly 300% on the year through Tuesday’s close, as the company, which uses artificial intelligence to inform lending decisions, indicated it expected tough business conditions to persist.

“To that end, we remain bearish on the stock near-term, believing that higher interest rates , cumulative inflation, and the return of student loan payments portend that non-prime lending fundamentals could get worse from here,” Christiansen wrote, as he kept a sell rating and $15 target price on the stock.Wedbush analyst David Chiaverini also called out Upstart’s need to invest to help secure funded principal.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dish bonds rally with stock after all-stock merger with EchoStarBillionaire Charlie Ergen's decision to combine his two telecom companies, Dish Network Corp. and EchoStar Corp., in an all-stock deal sent their shares higher on Tuesday. The news also sparked a rally in the company's bonds.
Source: MarketWatch - 🏆 3. / 97 Read more »

UBS rejigs investment bank in bid to better compete with Wall StreetUBS announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse.
Source: Reuters - 🏆 2. / 97 Read more »

Paramount Earnings Reaction: Wall Street Gives Better Reviews Than Last TimeParamount's latest earnings update shows better results than its previous quarter, with Wall Street analysts giving positive reviews and even raising their stock price targets. The Hollywood firm narrowed its quarterly adjusted operating loss in streaming to $424 million and saw a slight increase in Paramount+ subscribers to 61 million.
Source: THR - 🏆 411. / 53 Read more »