BTIG Starts SoFi Technologies (SOFI) at Buy, 'Our Top Pick in the Consumer Fintech Space'
BTIG analyst Lance Jessurun initiates coverage on SoFi Technologies (NASDAQ: SOFI) with a Buy rating and a price target of $14.00.
The analyst comments "SoFi went public as a SPAC in 2021, and has since emerged as a leader in the consumer-focused fintech space, but you wouldn't be able to tell given the share price performance. SoFi's platform boasts a robust product suite and digital interface, and the intuitive UI/UX, member-first approach and cross-selling opportunities have driven significant user growth and uptake of new products. Going forward, we expect SoFi to benefit from the successful implementation of the banking charter and associated ongoing deposit inflows, in conjunction with margin expansion, member growth, and the strong adoption of financial services products by members. Ultimately, while SoFi's shares may be inexpensive now, it's difficult to see valuation remaining this low with GAAP profitability by the end of FY23, and potential further upside coming from the end to the student loan payment moratorium. We initiate on SOFI with a Buy rating and a $14 price target, and highlight to investors that we believe few names are as attractive in the consumer-focused fintech space. "
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Shares of SoFi Technologies closed at $9.16 yesterday.