Upstart is ‘perhaps an idea ahead of its time,’ but its stock is too volatile now, analyst warns
Upstart Holdings Inc.’s short time as a public company has been anything but ordinary, and it could take time for investors to discover what the company’s financials are really supposed to look like.
That’s the view of Loop Capital Markets analyst Hal Goetsch, who downgraded Upstart’s UPST stock to hold from buy Friday. In trying to value companies, investors look at normalized multiples of price to earnings, based on earnings that reflect the company’s operating margins and revenue growth in conventional times, Goetsch explained. But Upstart doesn’t have that sort of history as a public company, which means the stock can be prone to heavy volatility.
As recently as the March quarter, Upstart was profitable on a GAAP basis, but the consensus view on FactSet is for GAAP quarterly losses through at least the end of 2024.
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