NO SIGNIFICANT STOCK UPGRADES
$SOFI – SoFi Technologies Inc
SoFi Technologies Inc.’s stock experienced a notable surge on Monday, but doubts emerged about the company’s financial reality. Keefe, Bruyette & Woods analyst Michael Perito downgraded the stock from market perform to underperform due to concerns about its valuation exceeding its fundamental earnings outlook. He predicted only modest profitability in 2023 and suggested that the company’s capital consumption should slow down. Despite the downgrade, Perito raised his price target to $7.50 from $5.50. Other analysts, like Jeffrey Adelson of Morgan Stanley, also expressed concerns about the expensive valuation and execution risks. On the other hand, analysts like Andrew Jeffrey of Truist Securities remained optimistic, emphasizing SoFi’s innovative approach to consumer banking. SVB MoffettNathanson’s Eugene Simuni also had a positive outlook, citing strong earnings and reduced credit quality concerns. Overall, SoFi’s stock remains a subject of debate among analysts, with varying opinions on its future prospects.
Brokerage Firm: Keefe Bruyette
Rating Change: Market Perform >> Underperform
Price Target: $5.50 >> $7.00
Shares Outstanding: 929.27M Share Float: 881.53M
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.