Loop Capital upgrades Upstart to Buy, expects volume growth to return after Q1

Loop Capital analyst Hal Goetsch upgraded Upstart to Buy from Hold with an unchanged $24 price target. The company reported a "difficult" Q4 with declining volume and gave an "ugly" Q1 guidance, but the stock has reached a level that offers "relative outperformance", the analyst tells investors in a research note. Q2 of 2023 will likely mark the "end of the worst of times" and volume growth will likely return in that quarter, the firm adds, further noting that Upstart’s balance sheet is "still strong", offering the company the runway to get to better days.