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.
For further details see:
Why Upstart Holdings Stock Got Mashed on Monday