JPMorgan Chase revised its view on U.S.–listed fintech stocks, upgrading Upstart Holdings to Overweight while trimming the company’s price target to $88 from $93. The bank said the artificial-intelligence lending platform offers the strongest risk-reward among its peer group, citing stable credit trends and the prospect of Federal Reserve rate cuts. Upstart shares traded near $61 on Wednesday, extending a rally that has lifted the stock almost 60% in 2025 after the company’s better-than-expected second-quarter results. Alongside the change on Upstart, JPMorgan cut its ratings on risk-management software provider Riskified and card-issuer CompoSecure to Underweight and moved Kazakhstan’s Kaspi.kz to Neutral with a $96 target. The broker kept SoFi Technologies at Neutral but lifted its target to $24 from $22. JPMorgan said it prefers ‘seasoned fintech lenders’ in the current macro environment and is less constructive on firms it sees as more exposed to competitive or credit-quality pressures.