SoFi Stock Is Sliding Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
SoFi Technologies Inc (NASDAQ:SOFI) stock is declining after an analyst downgrade from Keefe, Bruyette & Woods. Analyst Michael Perito downgraded SoFi from Market Perform to Underperform and reduced the price target from $7.50 to $6.50. The downgrade is based on updated 2024 revenue and EBITDA expectations, which are below Street estimates, and concerns over profitability. Despite the stock's 40% rise since the last earnings report, the downgrade reflects potential downside risks. SoFi is expected to report quarterly earnings at the end of January with anticipated flat earnings on revenue of $571.779 million.
January 03, 2024 | 3:06 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
SoFi Technologies Inc's stock is experiencing a downturn following an analyst downgrade by Keefe, Bruyette & Woods, with a reduced price target from $7.50 to $6.50 due to concerns over slower growth and profitability.
The downgrade by a reputable analyst firm, along with a significant reduction in the price target, is likely to negatively impact investor sentiment in the short term. The stock's recent outperformance may be overshadowed by the new, lower expectations for revenue and EBITDA, leading to a potential decrease in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100