JPMorgan lowered the firm’s price target on Upstart to $24 from $26 and keeps an Underweight rating on the shares post the Q4 report. The shares fell as much as 20% on a disappointing Q1 outlook, which assumes a 11% sequential decline in revenue and a $25M adjusted EBITDA loss that would represent the company’s second largest quarterly loss since going public in 2021, the analyst tells investors in a research note. The firm reduced estimates post the print.
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