Upstart price target raised to $48 from $33 at Mizuho

Mizuho raised the firm’s price target on Upstart to $48 from $33 and keeps an Outperform rating on the shares. Despite the stock’s recent strength, Mizuho still sees upside given better market valuations, and more appetite for risk on lending helped by lower interest rates, the analyst tells investors in a research note. The firm increased its valuation multiple to 6-times from 4-times due to expanded multiples in the financial technology growth space and expected tailwinds from lower interest rates.