Upstart upgraded to Neutral at BofA following 45% pullback

As previously reported, BofA upgraded Upstart (UPST) to Neutral from Underperform with an unchanged price target of $53. Shares are down 45% since the company reported Q4 earnings in mid-February, notes the analyst, who now thinks the risk-reward is more balanced at current levels. While a pullback from funding partners amid macro uncertainty remains a risk, this is balanced by advances Upstart has made in diversifying its product mix and locking-in more longer-term funding, the analyst tells investors.