Blend Labs upgraded to Market Perform from Underperform at Keefe Bruyette

Keefe Bruyette analyst Ryan Tomasello upgraded Blend Labs to Market Perform from Underperform with an unchanged price target of $2.25 following the Q3 results. Blend Labs’ risk/reward now appears more balanced over the intermediate term with the shares trading at a 50%-60% discount to peers, Tomasello tells investors in a research note. The analyst thinks the current valuation accurately reflects the company’s high cash burn, transactional revenue model, and corporate items.