Upstart (UPST) shares were up sharply Wednesday after B. Riley and JPMorgan upgraded the stock and raised their respective price targets following the company's Q4 results which exceeded market expectations.
The artificial intelligence lending platform late Tuesday reported it swung to a Q4 profit on higher revenue, topping FactSet estimates. The company also said it expects revenue of about $1 billion in 2025. Analysts polled by FactSet project $823.1 million.
B. Riley upgraded the stock to buy from neutral and more than doubled its price target to $105 from $49. JPMorgan upgraded it to neutral from underweight and raised its price target to $79 from $57.
Trading volume stood at around 22.2 million shares against a daily average of about 5.4 shares.
Price: 86.74, Change: +19.40, Percent Change: +28.80
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