SoFi Technologies (SOFI) PT Raised to $12 at Citi Following NDR

Citi analyst Ashwin Shirvaikar raised the price target on SoFi Technologies (NASDAQ: SOFI) to $12.00 (from $10.00) while maintaining a Buy rating.

The analyst commented, "We are updating our SOFI model following the company’s 10Q release and our Chicago non-deal roadshow with CFO Chris Lapointe. Our recent 2Q23 report discussed SoFi’s solid results (robust personal loan origination and deposit inflow; net interest margin expansion, raised revenue and adjusted EBITDA outlook). The tone of the NDR was positive, with investors focused on balance sheet growth, capital planning, profitability targets and student loan recovery. Our raised price target of $12 (from $10) reflects our higher 2024E revenue estimate and a higher multiple range for comps. Buy SOFI."

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