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  4. UPDATE: Upstart Holdings Guidance Highlights Near-Term Headwinds - Atlantic Equities
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UPDATE: Upstart Holdings Guidance Highlights Near-Term Headwinds - Atlantic Equities

(Updated - August 11, 2022 11:29 AM EDT) Shares of Upstart Holdings (NASDAQ:UPST) were cut to Underweight from Neutral at Atlantic Equities on Thursday, with the firm's price...
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UPDATE: Upstart Holdings Guidance Highlights Near-Term Headwinds - Atlantic Equities © Reuters. UPDATE: Upstart Holdings (UPST) Guidance Highlights Near-Term Headwinds - Atlantic Equities
(Updated - August 11, 2022 11:29 AM EDT)

Shares of Upstart Holdings (NASDAQ:UPST) were cut to Underweight from Neutral at Atlantic Equities on Thursday, with the firm's price target lowered by $10 to $22 per share.

Analyst Simon Clinch said in a note that after weak second-quarter earnings, as preannounced, Upstart provided disappointing third-quarter guidance. Clinch stated the company's guidance highlights the ongoing severity of headwinds facing the business in the near term.

"More concerning to us is the fact that management has chosen to renege on its promise not to use its balance sheet to bridge future funding gaps - albeit only as temporary flexibility," wrote Clinch.

"Along with its intentions to reconfigure its institutional funding base to focus more on longer-term supply commitments, at a time when its core institutional and banking partners are increasingly worried about macro conditions and sub-prime lending, we conclude that risks to the business have increased meaningfully in the near-term. Our estimates fall again, with FY22 and FY23 adjusted EPS estimates declining 19.9% and 32.6% respectively. Maintaining our 15x multiple, we lower our target price to $22 and downgrade Upstart to Underweight as we wait to reach a bottoming of fundamentals," he added.

Upstart shares gained over 17% Wednesday but fell slightly on Thursday, down 0.6%. However, in 2022, they have declined by more than 77.8%.

By Sam Boughedda

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Buy (3)

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2,295.80

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Buy (0)

Sell (9)

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81.14

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85.62

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4,920.55

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Buy (4)

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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Sell (12)

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Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

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17,763.03

+16.12 (+0.09%)

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (6)

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1,973.05

-42.98 (-2.13%)

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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