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.
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