Citi analysts have observed a consistent rise in investor interest in SoFi Technologies' business. In light of this, they have raised the price target for the fintech company's stock.
The analysts at Citi have maintained their Buy rating for SoFi (ticker: SOFI) and have adjusted their price target to $12 from $10 in their latest report. This change in target reflects a higher revenue estimate for 2024, along with other significant factors. The analysts also highlighted SoFi's impressive second-quarter results and the positive outlook expressed by attendees at a recent nondeal roadshow (NDR) featuring Chief Financial Officer Chris Lapointe.
According to the report, the investors they met during the NDR displayed a sense of optimism. This signifies a transition from episodic/event-based interest to a more sustained interest in the core aspects of the SoFi story. The topics discussed during these meetings included balance sheet growth, capital planning, student loan recovery, profitability targets, and Technology segment growth.
Notably, SoFi delivered strong deposit numbers for the second quarter and raised its financial guidance. While personal and home-loan origination volumes surpassed Wall Street expectations, student-loan volume fell slightly short.
Analysts have mixed opinions on SoFi stock, with 35% rating it as Buy, 45% as Neutral, and 20% as Sell, according to FactSet.
As of Thursday trading, SoFi stock has risen by 0.4% to reach $8.30. Year-to-date, shares have experienced an impressive 80% surge.
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