Wedbush upgrades Upstart to Neutral on improving credit metrics

Wedbush upgraded Upstart to Neutral from Underperform with a price target of $45, up from $10. The firm believes improving credit quality metrics, lower interest rates and improving Upstart Macro Index could drive a positive inflection in originations and adjusted EBITDA in the second half of 2024. Capital markets are the most accessible for credit providers as they’ve been in two years, the analyst tells investors in a research note. Wedbush sees a balanced risk/reward for Upstart shares at current levels.