Upstart price target raised to $40 from $37 at Needham

Needham raised the firm's price target on Upstart to $40 from $37 and keeps a Buy rating on the shares. The company recently reported June origination volumes of $1.5B, up 48% y/y, and while this was a pinch below the firm's $1.51B estimate, its growth remains impressive thanks to the stable and growing funding base and good underlying asset quality, the analyst tells investors in a research note. There continue to be investor concerns about private credit and consumer health, but another solid month increases the firm's confidence that Upstart can meet or exceed full-year guidance, Needham added.