Upstart Holdings Inc (UPST) PT Lowered to $110 at Wedbush

Wedbush analyst David J. Chiaverini lowered the price target on Upstart Holdings Inc (NASDAQ: UPST) to $110.00 (from $160.00) while maintaining a Neutral rating.

Analyst comments: "We believe UPST’s valuation is appropriately reflected in its current relative valuation. Even though the stock has pulled back over the last few months, valuation metrics including EV/sales and price/sales are still well above peer levels. We believe a premium valuation is warranted given the company's high growth, but a widening premium is difficult to justify until we see that the recent spike in delinquencies is temporary. UPST is currently trading at 5.0x our 2023 price/sales estimate, which is in-line with neobank/fintech peers. Our new $110 price target (was $160) is based on the company trading at 5.7x our 2023 price/sales estimate."

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