SoFi Technologies Faces Downgrade From Morgan Stanley Over 'Too Optimistic' Bank Business Projections
Portfolio Pulse from Priya Nigam
Morgan Stanley analyst Jeffrey Adelson has downgraded SoFi Technologies Inc (NASDAQ:SOFI) to Underweight, while raising the price target from $6.50 to $7.00. Adelson believes that SoFi's bank business projections are 'too optimistic' and that the stock reflects a quick ramp-up in bank profitability. He also stated that the potential benefits from restarting student loans might not be as high as initially anticipated.
July 13, 2023 | 3:06 pm
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SoFi Technologies has been downgraded by Morgan Stanley due to overly optimistic bank business projections. The stock price may be affected in the short term.
The downgrade by Morgan Stanley is based on the belief that SoFi's bank business projections are overly optimistic. This could lead to a decrease in investor confidence, potentially impacting the stock price negatively in the short term.
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IMPORTANCE 80
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