Upstart Holdings Inc (NASDAQ: UPST) is trading lower Monday morning after BofA Securities analyst Nat Schindler downgraded the stock from a Neutral rating to an Underperform rating and announced a $300 price target.
Schindler thinks Upstart’s long-term outlook is still favorable, but any near-term upside is already priced in following the stock’s surge this year.
The BofA Securities analyst noted that Upstart has continuously delivered significantly better-than-expected financial results each quarter, but he thinks the beats and raises are already priced in after the stock increased nearly 800% year-to-date.
Upstart provides a proprietary, cloud-based, artificial intelligence lending platform. The platform aggregates consumer demand for loans and connects it to the network of Upstart AI-enabled bank partners.
UPST Price Action: Upstart has traded as high as $401.48 and as low as $22.61 over a 52-week period.
The stock was down 4.10% at $374 at time of publication.
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