Shares of Upstart may have fallen too far amid the downturn in private credit markets, according to BTIG. The firm has upgraded the AI lender to buy from neutral, with an analyst's $43 price target suggesting a 63% upside for shares. BTIG also highlighted Upstart's plans to submit an application to establish an insured national bank as a positive. The move could significantly increase cost savings, reducing transaction volume costs and potentially expanding the company's customer base. However, the analyst noted that while there is no guarantee that Upstart will successfully become a bank, the current share price is not pricing in potential upside.