Upstart Holdings (NASDAQ:UPST) has surged after BTIG analyst Vincent Caintic upgraded the stock to Buy following the announcement of its intention to file applications with the OCC and FDIC to form an insured national bank, Upstart Bank. The analyst argued that a bank charter directly addresses Upstart's exposure to private credit cycles, which BTIG had previously been neutral. The new $43 target implies about 67% upside from Upst's recent close. BTIG estimates that Upstart could boost annual EPS by 60% simply by reducing origination‑related expenses by 100 basis points. The cost reductions come from fees currently paid to partner banks to originate loans, interest income lost during the three-day period partner banks hold loans before selling them to Upstart.