Morgan Stanley analyst Jeffrey Adelson lowered the price target on SoFi Technologies (NASDAQ: SOFI) to $16.00 (from $18.00) while maintaining a Underweight rating.

The analyst comments "What we changed: 2026/2027e EBITDA and EPS slightly lower on expenses. We are lowering forward EBITDA estimates by 1-3% and EPS by 3-5%. 2026/27e EPS moves down ~1c/3c to $0.59/$0.79 from prior $0.60/$0.82, primarily on higher expenses as SOFI accelerates marketing and other investments this year. We also raise our forecasted tax rate for 2026 to reflect a more normal effective rate of 20% over the remaining quarters of 2026, as recent declines in stock price impact tax deductibility of stock based comp. Note that while we raise 2026/27 total loan originations by 27%/32%, this is driven entirely by growth in ex-Platform with reductions to our capital-light origination forecast, also offset by lower revenues in Tech Platform. We lower our Price Target to $16, lowering our target P/E multiple by 2 turns to 20x on 2027e EPS. "