benzinga98d ago
Upstart Holdings Inc (NASDAQ:UPST) is trading higher on Monday after BTIG upgraded the stock from Neutral to Buy and set a $43 price target. Here’s what you need to know.Upstart Holdings stock is charging ahead with explosive momentum. What’s driving UPST stock higher?Analysts Say Market Overlooked A Major CatalystBTIG analyst Vincent Caintic lifted UPST to Buy after Upstart announced on March 10 that it intends to file applications with the OCC and FDIC to form an insured national bank, Upstart Bank. Caintic said he was surprised the market barely reacted to the news, arguing that a bank charter directly addresses the company's exposure to private‐credit funding cycles — the main reason BTIG had been Neutral.“While there’s no guarantee that Upstart will successfully become a bank, we think UPST’s current share price is both 1) not pricing any potential upside from becoming a bank, and 2) pricing in significant liquidity risk of Upstart losing funding sources,” the analyst wrote in a note ...Full story available on Benzinga.com