UPDATE: Upstart Holdings Inc (UPST) PT Raised 48% to $200 at BofA Securities on 500% 2yr Rev Growth

BofA Securities analyst Nat Schindler raised the price target on Upstart Holdings Inc (NASDAQ: UPST) to $200.00 (from $135.00) after 2Q’21 results beat Street expectation, with Rev/ EBITDA/EPS at $194mn/$59mn/$0.39 vs. Street at $156mn/$24.5mn/$0.12. This implies revenue growth up 496% vs. 2019.

The analyst reiterated a Buy rating, stating "The beat was especially impressive given industry headwind and underscores Upstart’s continued success in differentiated personal lending. In 2Q’21, lending volume at 286,864 loans was up 2,315% y/y (596% vs. 2019, discounting easy comps from 2Q’20 COVID induced pull back) and higher conversion rate at 24%, up from 22% in 1Q’21. Contribution profit margin was 52% vs. 48% in 1Q’21."

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