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Last month, SoFi reported strong deposit numbers for its second quarter and boosted its financial guidance.
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Investors are becoming more consistently interested in
SoFi Technologies
‘ business, Citi analysts said as they raised their price target for the fintech stock.
Citi analysts maintained their Buy rating on
SoFi
(ticker: SOFI) and inched their price target to $12 from $10 in a Wednesday report, reflecting a higher revenue estimate for 2024, among other factors. The analyst also noted SoFi’s solid second-quarter results and optimism expressed by attendees at a so-called nondeal roadshow, or NDR, with Chief Financial Officer Chris Lapointe.
“Investors we met during the NDR sounded upbeat – in our view, we are getting past the episodic/event-based interest of the past to a more sustained interest in the core tenets of the SoFi story,” Citi analysts wrote in the report. “Balance sheet growth, capital planning, student loan recovery, profitability targets, and Technology segment growth were among the topics discussed.”
Last month, SoFi delivered strong deposit numbers for its second quarter and boosted its financial guidance. Personal and home-loan origination volumes beat Wall Street’s expectations, though student-loan volume fell short.
Analysts are mixed on the stock, with 35% rating it Buy, 45% Neutral, and 20% Sell, according to FactSet.
SoFi stock rose 0.4% to $8.30 in Thursday trading. This year, shares have soared 80%.
Write to Emily Dattilo at [email protected]
Source: https://www.barrons.com/articles/sofi-stock-price-target-increase-9ea1b622?siteid=yhoof2&yptr=yahoo