SoFi, the Financial sector company, was revisited by a Wall Street analyst today. Analyst Kyle Peterson from Needham reiterated a Buy rating on the stock and has a $29.00 price target.
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Kyle Peterson has given his Buy rating due to a combination of factors that suggest a positive outlook for SoFi’s future performance. One of the key reasons is the favorable trend in funding availability and costs, which are expected to enhance growth in SoFi’s lending business. This is particularly promising if interest rate cuts occur later in the year, potentially boosting the company’s financial prospects.
Additionally, the recent capital raise during the summer is seen as a significant opportunity for SoFi. This influx of capital could either accelerate growth in the lending sector or enable strategic moves in mergers and acquisitions, particularly in emerging areas such as blockchain, AI, or broader technology platforms. These factors collectively contribute to a bullish stance on SoFi, leading to the reiteration of a Buy rating and an increased price target of $29.
According to TipRanks, Peterson is a 4-star analyst with an average return of 5.7% and a 48.02% success rate. Peterson covers the Technology sector, focusing on stocks such as Alight, Fair Isaac, and Affirm Holdings.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $29.00 price target.