What's Going On With SoFi Technologies Stock?
Portfolio Pulse from Adam Eckert
Morgan Stanley has downgraded SoFi Technologies Inc (NASDAQ:SOFI) from Equal-Weight to Underweight and raised the price target from $6.50 to $7 due to valuation concerns. The analyst noted that current share prices imply expectations for a return on average tangible common equity (ROTCE) of 30% or greater, but anticipates closer to a 15% ROTCE by 2026. SoFi shares are down 3.15% at $8.91 at the time of publication.
July 13, 2023 | 1:41 pm
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NEGATIVE IMPACT
Morgan Stanley's downgrade of SoFi Technologies due to valuation concerns could negatively impact the company's stock price in the short term.
The downgrade by Morgan Stanley, a major financial institution, could lead to a decrease in investor confidence in SoFi Technologies, potentially leading to a drop in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100