Upstart Holdings Inc. shares have tumbled 90% from their all-time highs, and BTIG analyst Lance Jessurun thinks now is the time for investors to buy in.
“The bear thesis is fading, and the longer-term opportunity is materializing,” he wrote Tuesday, while starting coverage of the financial-technology stock with a buy rating and $42 price target.“The bear thesis is fading, and the longer-term opportunity is materializing,” he wrote Tuesday, while starting coverage of the financial-technology stock with a buy rating and $42 price target.
But the company appears to be turning a corner, in his view, based on recent conversations with bank partners. The company recently struck a new funding arrangement that admittedly “may not have been at the most attractive terms,” though Jessurun expects more favorable deals going forward. Don’t miss: Upstart’s funding progress sparks massive stock rally, but these analysts still have concerns
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