Why Upstart Holdings Stock Got Mashed on Monday
Upstart Holdings (NASDAQ: UPST) fell and couldn't get up on the first trading day of the week. The next-generation loan evaluation specialist's shares slipped despite a price target boost from a prominent bank.
That bank is veteran U.K. lender Barclays (NYSE: BCS), whose analyst Ramsey El-Assal lifted his price target on Upstart by nearly 50%, from the previous $25 per share to $37. However, El-Assal is maintaining his rather lukewarm equalweight (i.e., neutral) recommendation on the stock.
The reasons behind El-Assal's move weren't immediately apparent. What was obvious, however, is that this is going somewhat against the grain. In the wake of Upstart's discouraging second quarter, in which the fintech not only missed on the top and bottom lines but also disappointed on guidance, most analysts making post-earnings adjustments cut their price targets.
Source Fool.com
