Citi raised the firm’s price target on Upstart (UPST) to $56 from $33 and keeps a Buy rating on the shares. The firm says conditions for continuation of positive sector performance remain in place for the FinTech group heading into the Q3 reports. Citi believes a relatively benign macro environment thus far, steady-to-lower rates, more even fund flows, improving sentiment regarding larger-cap multiple ceilings and transitions, and further profitability ramps can better support stock valuations. The analyst’s stock preferences “shift further along the risk spectrum, which correspond to the new sector phase.”
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