Today, one of the most impressive movers is Upstart (NASDAQ:UPST), which has surged following impressive earnings. Currently, UPST stock is more than 30% higher, breaking through its 2022 high today.
This past quarter, Upstart reported revenue growth of 252%, bringing in a whopping $305 million. This dwarfed analyst expectations for $263 million in revenue and indicated the market has underestimated this company’s growth. Upstart also issued forward guidance for the first quarter in the $295 million to $305 million range, much higher than average analyst estimates.
This sort of revenue growth was driven by significant increases in auto loan originations for the company. As Upstart, an artificial intelligence-based lending platform, continues to grow its verticals, many investors remain bullish.
Adding to this bullish sentiment was a $400 million stock buyback program the company also announced. As investors look for hypergrowth stocks with the ability to benefit from this rising-rate environment, UPST stock is seemingly getting the nod today.
However, it’s not just investors that are bullish on this company. Analysts are joining in on the party. Let’s see what top analysts have to say about Upstart right now.
UPST Stock Continues to Prompt Bullish Analyst Price Targets
For reference, UPST stock currently trades at $148 per share.
- Piper Sandler analyst Arvind Ramnani reiterated a “buy” rating with a $230 price target for UPST.
- JMP Securities analyst Andrew Boone provided another “buy” rating for UPST with a $245 price target.
- Wedbush analyst David Chiaverini is not so bullish, reiterating his “hold” rating alongside a $110 price target.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
