Upstart Holdings, Inc. jumped 6% after soaring 32% in the previous trading day.

Upstart Holdings stock surged 32% in Wednesday trading after the lending platform for banks and credit unions delivered Q4 earnings that exceeded Wall Street expectations and 2025 guidance indicating accelerating growth.

In response, two analysts upgraded the stock. B. Riley analyst Hal Goetsch raised his recommendation to Buy from Neutral, while J.P. Morgan analyst Reginald L. Smith upgraded Upstart (NASDAQ:UPST) to Neutral from Underweight.

"We view UPST as being in the early stages of a product- and technology-led growth acceleration aided by a favorable improvement in the macro environment for the first time in several years," B. Riley's Goetsch wrote in a note to clients. "We see the UPST fee-based model as highly scalable into a better growth outlook." He more than doubled his price target to $105 from $49.

J.P. Morgan's Smith commented: "We see Upstart’s model improvements as a force multiplier that has the potential to boost conversions/transaction volume and unlock operating leverage (e.g., better yield on marketing spend)." He lifted his price target on the stock to $79 from $57.

Origination volume and adjusted EBITDA margins snap-backed to their highest levels since 2022, Smith said, citing improving conversion and funding availability, a function of underwriting model and macro improvements.