金融科技迎利好环境！小摩：Upstart(UPST.US)风险回报比最佳看涨至88美元_老虎社区_美港股上老虎

金融科技迎利好环境！小摩：Upstart(UPST.US)风险回报比最佳看涨至88美元

智通财经2025-08-21

智通财经APP获悉，摩根大通近日将金融科技借贷平台Upstart(UPST.US)的评级上调，理由是在消费者信贷环境稳定和降息预期背景下，该公司业务量增长强劲且盈利能力持续改善。分析师Reginald Smith与Charles Pearce表示：“我们认为，稳定的信贷趋势和(潜在)降息机会为金融科技企业直至2025年下半年营造了有利环境。展望2025年下半年之后，我们期待看到所覆盖企业如何适应并...

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href=http://www.zhitongcaijing.com/content/detail/1332590.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根大通近日将金融科技借贷平台Upstart(UPST.US)的评级上调，理由是在消费者信贷环境稳定和降息预期背景下，该公司业务量增长强劲且盈利能力持续改善。分析师Reginald Smith与Charles Pearce表示：“我们认为，稳定的信贷趋势和(潜在)降息机会为金融科技企业直至2025年下半年营造了有利环境。展望2025年下半年之后，我们期待看到所覆盖企业如何适应并...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1332590.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B3S45H60.SGD","symbol_name":"Neuberger Berman US Multicap Opportunities A Acc 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JPMorgan: Upstart (UPST.US) risk-reward ratio best bullish to $88","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"168701":1,"399699":1,"UPST":1},"content_text":"智通财经APP获悉，摩根大通近日将金融科技借贷平台Upstart(UPST.US)的评级上调，理由是在消费者信贷环境稳定和降息预期背景下，该公司业务量增长强劲且盈利能力持续改善。分析师Reginald Smith与Charles Pearce表示：“我们认为，稳定的信贷趋势和(潜在)降息机会为金融科技企业直至2025年下半年营造了有利环境。展望2025年下半年之后，我们期待看到所覆盖企业如何适应并拥抱代理电商和加密货币/稳定币领域，并扩展数字银行产品服务。”摩根大通将Upstart的评级从“中性”上调至“增持”，并设定了2026年底目标价88美元。研报指出：“在宏观环境向好的背景下，我们更看好经验成熟的金融科技借贷平台，并认为Upstart在个人贷款机构中呈现出最佳的风险回报比。”分析师补充道：“尽管年内营收和调整后税息折旧及摊销前利润(EBITDA)均上修，但Upstart股价今年以来表现弱于大盘，自第二季度财报公布后下跌约20%，主要因市场担忧其资产负债表增长和新可转债发行。”研报同时强调：“贷款买方需求依然强劲，我们认为其名义贷款规模持续增长和利润率扩张仍具潜力。”另一方面，摩根大通将Kaspi.kz(KSPI.US)评级从“超配”下调至“中性”，并将CompoSecure(CMPO.US)和Riskified(RSKD.US)从“中性”下调至“低配”。关于CompoSecure，摩根大通指出：“其增长已连续多个季度波动，且全年业绩指引仍集中在下半年，可见度十分有限。当前股价已处于高位，似乎已计入额外的毛利率扩张和未来并购预期，但管理层对此并未提供明确指引。”对于Riskified，该投行认为其营收和交易量增速已落后于整体电商行业及Shopify(SHOP.US)、Affirm(AFRM.US)等可自由支配支出类同行。“此外，我们越加怀疑Riskified能否在2026年实现15-20%的调整后EBITDA利润率目标，这可能会对股价形成持续压力。”研报称，并表示更看好业务成熟、盈利能力更强且具备电商多元化布局的金融科技企业，如Shopify和Affirm。关于Kaspi，摩根大通表示：“尽管其二季度业绩优于市场担忧推动股价上涨超20%，但剔除Hepsi业务后的有机增长仍面临一系列宏观和监管逆风，这些压力可能至少持续至年底。”“鉴于哈萨克斯坦不透明的宏观环境，我们认为在当前水平转向观望是稳妥的，待增长阻力和股息支付恢复后，再考虑更为积极的立场。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}