In a report released today, Kyle Peterson from Needham reiterated a Buy rating on SoFi, with a price target of $36.00.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Kyle Peterson has given his Buy rating due to a combination of factors that highlight SoFi’s strong financial performance and strategic initiatives. The company’s third-quarter results surpassed expectations, with both revenue and earnings exceeding analysts’ forecasts. This success is attributed to the robust performance of SoFi’s core lending operations and the rapid scaling of its capital-light loan platform business.
Additionally, SoFi’s credit performance remains solid, thanks to its disciplined underwriting approach that prioritizes applicant cash flow data. The announcement of a partnership with Southwest Airlines to launch a co-branded debit card is expected to bolster SoFi’s tech platform business growth in the coming years. These elements combined suggest that SoFi is poised for continued growth and improved profitability, justifying the Buy rating and an increased price target of $36.
According to TipRanks, Peterson is a 3-star analyst with an average return of 2.5% and a 42.18% success rate. Peterson covers the Financial sector, focusing on stocks such as Axos Financial, TransUnion, and SoFi.