Citizens JMP analyst Devin Ryan initiates coverage on SoFi Technologies (NASDAQ: SOFI) with a Market Outperform rating and a price target of $17.00.

The analyst comments: "We initiate coverage of SoFi Technologies with a Market Outperform rating and a $17 price target, implying ~38% upside, supported by SoFi’s growth trajectory, improving profitability profile, and undervaluation relative to its earnings potential over time. SoFi Technologies, Inc. is a digital-first vertically integrated financial services platform founded in 2011, dedicated to empowering customers to achieve financial independence. Its in app-experience provides over 10M members a comprehensive “one-stop shop” for borrowing, saving, spending, investing, and protecting assets, leveraging a modern tech stack and a 'land-and-expand' strategy to drive multi-product adoption at increasingly attractive unit economics across consumer and enterprise markets. Having achieved GAAP profitability in 2024, SoFi is at an inflection point, with substantial earnings potential that we believe the market is currently undervaluing, offering a compelling long-term investment opportunity."

For an analyst ratings summary and ratings history on SoFi Technologies click here. For more ratings news on SoFi Technologies click here.

Shares of SoFi Technologies closed at $12.31 yesterday.