SoFi Technologies Analyst No Longer Bearish After Stock Loses 24% Year To Date (CORRECTED)
Portfolio Pulse from Priya Nigam
SoFi Technologies Inc (NASDAQ:SOFI) saw its stock rating upgraded from Underperform to Market Perform by Keefe, Bruyette & Woods analyst Timothy Switzer, with the price target raised from $6.50 to $7.50. Despite a 25% year-to-date decline in share price, optimism around its consumer lending business and a recent capital raise are seen as mitigating near-term downside risks. The capital raise is expected to support balance sheet growth and maintain origination pace in 2024, with potential for improved profitability and accelerating revenue in its Financial Services and Technology segments, respectively.
April 05, 2024 | 4:50 pm
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SoFi Technologies Inc's stock was upgraded by analyst Timothy Switzer to Market Perform with a new price target of $7.50, following a 25% decline YTD but showing optimism due to a recent capital raise and consumer lending business outlook.
The upgrade by Timothy Switzer reflects a positive shift in analyst sentiment towards SoFi Technologies, potentially leading to increased investor confidence and a short-term positive impact on the stock price. The raised price target and upgrade, despite the year-to-date decline, suggest that the recent capital raise and optimistic outlook for the consumer lending business could mitigate near-term downside risks, making the stock more attractive to investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100