UPDATE: Rosenblatt Starts SoFi Technologies (SOFI) at Buy
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(Updated - June 15, 2021 4:23 PM EDT)
Rosenblatt analyst Sean Horgan initiates coverage on SoFi Technologies (NASDAQ: SOFI) with a Buy rating and a price target of $30.00.
The analyst commented, "The incumbent legacy banks face a challenging road ahead as a new wave of digitally native and mobile-first banks rush into the market. Challenger banks like SoFi command a powerful cost advantage over incumbents which will lead to dramatic disintermediation over the next 5-10 years, leaving substantial primary bank accounts, revenues, and market value up for grabs. As they mature, competition and consolidation are likely to follow. But for now, challenger banks face a “jump ball” opportunity to seize market share from the old guard... and SOFI is well-positioned to capture a significant amount of the value hanging in the balance."
Shares of SoFi Technologies closed at $21.82 yesterday.
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