Upstart: Turning The Corner (Rating Upgrade)
- Upstart made a huge step in rebounding from the downward spiral the lending platform had been going on over a year.
- The fintech announced committed funding of $2+ billion crucial to a turnaround, but the company didn't provide any details.
- UPST stock is reasonably valued here at 3.2x '23 sales estimates that require considerable 2H growth to hit targets.
Upstart Holdings (NASDAQ:UPST) signaled a key shift in their AI lending marketplace, making the business model far more appealing. The big question now is the details on the new committed lending partners, but at least the fintech has ended the downward spiral. My investment thesis is more Neutral on the stock following the big rally off the lows.
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