Upstart Holdings, Inc. (UPST) saw its stock price plummet by 5.20% during intraday trading on Wednesday, reflecting significant selling pressure.
The sharp decline appears to be driven by negative sentiment following a series of analyst price target reductions. Multiple financial institutions, including Truist Securities, BofA Global Research, and JP Morgan, lowered their price objectives for the company, signaling concerns about its future valuation.
While Bank of America Securities maintained its Hold rating on the stock, the collective downward revisions from several analysts likely contributed to investor caution and the subsequent price drop during the trading session.
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