CFO Meet and Greet - Refocusing on Core Segments + Driving Operating Leverage

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CFO Meet and Greet - Refocusing on Core Segments + Driving Operating Leverage

USA | Consumer Finance

Upstart EquityJuneResearch9, 2026

TARGET CHANGECFO Meet and Greet - Refocusing on Core

RATING HOLDSegments + Driving Operating Leverage

PRICE $31.00^

We met UPST's new CFO, Andrea Blankmeyer, who provided more detail on the

latest company initiatives. During the meeting, mgmt emphasized its focus on PRICE TARGET | % TO PT $30.00 ($27.00) | -3%

shifting back to its core segment in the non-prime space, latest developments in 52W HIGH-LOW $87.30 - $23.97

new product verticals (auto and HELOC), bank charter update, and OPEX trends FLOAT (%) | ADV MM (USD) 74.6% | 151.26

(operating leverage). We have updated our model and PT to $30.00 based on MARKET CAP $3.4B

these conversations, as well as the latest monthly originations results. TICKER UPST ^Prior trading day's closing price unless otherwise

noted.

Refocusing on its non-prime core segment to drive PL growth. After shifting incremental focus

towards prime in 2H25 to serve the entire credit spectrum, UPST in its prior earnings call

FY (Dec) CHANGE TO JEFe JEF vs CONS

signaled plans to switch its focus back to its core business of non-prime customers. Within the

2026 2027 2026 2027

prime cohorts, which accounted for up to 30% of originations, UPST observed lower margins, a

highly competitive segment amongst Fintechs and elevated CAC investment levels. UPST sees REV +2% +2% +12% +29%

its competitive advantage in its ability to underwrite non-prime borrowers, where they have EPS NA NA NA NA

more pricing power. Loans in this segment can charge origination fees in the low teens. Mgmt

Cons. Source: FactSet

expressed its focus on re-accelerating personal loan growth within this core non-prime segment