Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
Investing.com -- Upstart Holdings Inc (NASDAQ:UPST) stock fell 6% in pre-market trading Monday after Goldman Sachs analyst Will Nance assumed coverage on the company with a Sell rating and a price target of $71.
The price target implies approximately 10% downside from Friday’s closing price of $75.62. Nance’s Sell rating remains unchanged from previous coverage by analyst Mike Ng.
In his assessment, Nance acknowledged Upstart as a "top marketplace lender" with sophisticated machine learning models that enable better risk pricing compared to other marketplace lenders. The analyst noted that the company did not significantly outperform during the last period of consumer credit weakening.
Despite recognizing Upstart’s positioning to avoid adverse selection of credit in the marketplace lending space, Nance expressed concerns about the company’s limited progress in developing long-term consumer relationships. He characterized the online personal loan market as competitive and indirect, highlighting its heavy reliance on cyclical third-party funding.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.