Sofi Tech's Lending And Financial Services Momentum Well Above Estimates: Goldman Sachs Raises Forecast
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs analyst Michael Ng has reiterated a Neutral rating on Sofi Technologies Inc (NASDAQ:SOFI) with a price target of $7.50. Ng noted that Sofi Technologies upgraded its full-year net income outlook and expects adjusted EBITDA margins to improve. The company's lending revenue and personal loan originations beat estimates, and deposits continue to grow. However, the outlook for the Tech Platform segment has been lowered. Ng increased his revenue and EPS estimates for fiscal years 2024, 2025, and 2026.
July 31, 2024 | 7:03 pm
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Goldman Sachs analyst Michael Ng reiterated a Neutral rating on Sofi Technologies Inc (NASDAQ:SOFI) with a price target of $7.50. The company upgraded its full-year net income outlook and expects adjusted EBITDA margins to improve. Lending revenue and personal loan originations beat estimates, and deposits continue to grow. However, the outlook for the Tech Platform segment has been lowered.
The positive revisions in revenue and EPS estimates, along with the beat in lending revenue and personal loan originations, are likely to have a positive short-term impact on SOFI's stock price. However, the lowered outlook for the Tech Platform segment tempers the overall positive sentiment.
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