Why Shares of Upstart Fell Today

Shares of Upstart Holdings (NASDAQ: UPST), a lender that uses artificial intelligence (AI) to make loan decisions, fell nearly 13.4% today after an analyst lowered his price target on the stock.

Wedbush analyst David Chiaverini maintained his neutral rating on Upstart, but significantly lowered his price target from $160 to $110. The stock currently trades at $92.60.

In his research note, Chiaverini wrote: "We believe UPST's valuation is appropriately reflected in its current relative valuation. Even though the stock has pulled back over the last few months, valuation metrics including [enterprise value to sales] and price/sales are still well above peer levels."

Source Fool.com