Upstart price target raised to $16 from $14 at Piper Sandler

Piper Sandler analyst Arvind Ramnani raised the firm’s price target on Upstart to $16 from $14 and keeps a Neutral rating on the shares. Macro headwinds have had an outsized impact on Upstart and the company will likely continue to face funding headwinds in a tough macro environment, Ramnani tells investors. However, Ramnani is optimistic Upstart will be able to grow its auto business over the long-term.