Upstart price target lowered to $36 from $49 at B. Riley

B. Riley lowered the firm’s price target on Upstart to $36 from $49 and keeps a Neutral rating on the shares. The analyst reduced estimates on Upstart after a review of recent performance, saying the continued macro environment that is headwind to a more robust platform lending environment. Macro conditions will weigh on the ability of the company to lend profitably, yet consumer demand is very high, the analyst tells investors in a research note.