Citi upgraded Upstart to Neutral from Sell with a price target of $33, up from $15. The company’s Q2 results were mixed but “green shoots” are emerging, the analyst tells investors in a research note. The firm sees several elements that indicate “upside revision risk has returned,” including improving conversion ratio, steadily declining Upstart Macro Index and an improved second half of 2024 fee revenue outlook. The anticipated Federal Reserve pivot and Upstart’s artificial intelligence progress must also be considered, contends Citi. “The downside narrative appears tougher to justify,” the firm contends.
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