Upstart price target lowered to $12 from $17 at Mizuho

Mizuho analyst Dan Dolev lowered the firm’s price target on Upstart to $12 from $17 and keeps an Underperform rating on the shares post the Q3 results. While the company’s Q3 net revenue from fees "wasn’t too bad," the emergence of a consumer demand problem for its loans on top of the funding constraints "throws another wrench into the story," Dolev tells investors in a research note. The analyst says Upstart’s Q4 "is emerging to be even weaker, and the stock will likely show it today."