SoFi Technologies (SOFI) Gets Another 'Buy' Rating as Mizuho Analyst Sees Nearly 100% Upside
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Mizuho Securities analyst Dan Dolev initiated research coverage on SoFi Technologies, Inc. (NASDAQ: SOFI) with a Buy rating and $28 price target after the close of trading Tuesday.
According to the brokerage, the company, which generates the majority of sales (83% in 2020) from mortgage originations and student and personal loans, is in the midst of a powerful transition to a full-fledged mobile-first neo-bank, offering services in cash management, trading & brokerage, robo-advisory and crypto services (exp. 30-35% of sales by 2025), as well as next-gen issuer processing (exp. 25% by 2025).
According to the brokerage, this transition could accelerate a virtuous cycle of increased engagement, boosting revenue and profits, with their analysis showing a path to a 40% sales CAGR by 2025, primarily driven by a 150% CAGR in financial services and 40-50% in Galileo.
This is the third 'Buy' rating SOFI has received since it went public via a SPAC in June. It also has 1 Neutral rating.
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