Upstart Holdings Inc. shares surged after Needham & Co. upgraded the stock from Hold to Buy, setting a new Wall Street-high price target of $100. This upgrade implies a potential 30% increase from the stock's last trading price. The positive outlook is attributed to Upstart's improved funding prospects and a stronger balance sheet, as highlighted by Needham analysts following recent investor meetings with Upstart's finance team. The stock has been performing well, reaching its highest levels since May 2022, and is currently trading at around $86. Investors have noted that Upstart has been a successful swing trade, with shares doubling from an initial purchase price of approximately $40. The upgrade has also led to speculation that short sellers might be forced to cover their positions, potentially driving the stock price even higher. Upstart's shares have risen by 12% today, 14.7% in the recent surge, and over 25% in the current swing.