Upstart price target lowered to $32 from $64 at BTIG

BTIG lowered the firm’s price target on Upstart to $32 from $64 and keeps a Buy rating on the shares. The company’s Q3 revenue was again “mediocre” as it remains hampered by an outlook for a more constrained consumer as well as higher interest rates, the analyst tells investors in a research note. On profitability, the quarter was mixed and these trends will likely continue until there is clarification on possible rate cuts from the Fed as well as signs of improvement in the macro environment, the firm added.