Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 6, 2026 06:04 PM GMT

Upstart Holdings, Inc. | North America

Morgan Stanley & Co. LLC

James E Faucette

Equity Analyst

Risk Reward Update

Upstart Holdings, Inc. (UPST.O, UPST US)

What’s Changed

Payments and Processing | United States of America

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

52-Week Range

EPS

Risk Reward for Upstart Holdings, Inc. (UPST.O) has been

updated

Reason for change

We make some minor tweaks (1Q26 adj. EBITDA actual & contribution margin

denominator), although our estimates are effectively unchanged as is our $35 PT.

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Equal-weight

Attractive

$35.00

$30.20

$85.31-23.97

12/25 12/26e 12/27e 12/28e

1.77

2.27

2.32

3.11

4.14

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

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