“Buy SoFi Stock,” Says Top Analyst after Initiating Coverage — Here’s Why

SoFi (SOFI) stock rose over 2% in Monday’s pre-market trading after it got a new bullish rating on Wall Street. Piper Sandler analyst Patrick Moley started coverage with an Overweight rating and a $22 price target, indicating 21% upside from current levels. The call comes as SoFi expands beyond lending and adds more financial products for its members.

Moley sees two distinct growth drivers for SoFi. He expects its lending business to benefit from demand among younger, creditworthy borrowers. He also sees more room to sell additional financial products to existing members.

The analyst also believes SoFi stock offers an “attractive entry point” for long-term investors. He expects revenue to grow at a 22% annual rate from 2026 through 2028, while adjusted EBITDA could grow 27% annually over the same period.

Moley is a five-star analyst on TipRanks, ranking #173 out of the 12,474 analysts tracked. He has a 69% success rate and an average return per rating of 31%.

Why Is Piper Sandler Bullish on SoFi?

Moley sees SoFi’s broader product range as an important part of its growth story. The company offers checking, savings, investing, credit cards, and insurance alongside its lending products.

That gives SoFi more ways to earn from each member. Moley points to the gap between member and product growth as evidence of this trend. In the second quarter, members grew 35% year over year, while products grew 43%. “Members who initially join for a single lending product increasingly cross-sell into these adjacent offerings,” Moley wrote.

The difference between those growth rates shows that members are adding more products over time. That can raise the value of each customer without requiring SoFi to find a new customer for every product.

SoFi Can Grow Through More Products

SoFi’s broader product range gives the company more ways to grow revenue from its existing members. Members can use the platform for banking, investing, credit cards, insurance, and lending.

Moley sees this as a “powerful product flywheel” that can deepen customer relationships over time. As members add more products, SoFi can capture a larger share of their financial activity and raise customer lifetime value.

That gives SoFi another way to expand revenue as its member base grows, rather than relying only on new loans.

Is SoFi Stock a Buy?

SOFI stock has a Hold consensus rating based on six Buys, six Holds, and three Sells assigned in the last three months. At $20.23, the average SOFI stock price target implies a 10.61% upside potential.