SoFi Technologies (SOFI), Affirm Holdings (AFRM), and Toast (TOST) are back in focus after Truist Securities analyst Matthew Coad highlighted a possible upside catalyst that many investors may be missing. He said the three fintech names could be added to the S&P 500 (SPX), which would likely draw fresh demand from index funds.
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Coad noted that several fintech and capital-markets firms joined the index in 2025, including Block (XYZ). He believes SoFi, Affirm, and Toast could follow. Though the timing remains unclear, the analyst said the chance of index entry is worth tracking as the next rebalance window approaches.
Why These Three Stand Out
Coad said Affirm and SoFi meet all of the main rules for S&P 500 inclusion. These rules cover size, trading activity, public float, and profits. Toast sits just below the needed market value but is close enough to stay in the mix. He said all three stocks are in stronger shape than many expect.
Coad has a Buy rating on Affirm. He said the company continues to benefit from rising use of pay-later plans and better results from its merchant partners. He added that index inclusion could bring steady buying from large funds.
At the same time, SoFi holds a Hold rating at Truist. The analyst pointed to the company’s growing bank arm and rising customer numbers as key strengths. He said SoFi checks all the boxes and could join the index if the committee gives the green light.
Meanwhile, Toast carries a Buy rating. Coad said adoption in the restaurant sector remains solid and that the company only needs a modest rise in size to meet the bar.
Wall Street’s Take on SOFI, AFRM, and TOST
Using TipRanks’ Stock Comparison Tool, we compared SoFi, Affirm, and Toast to see which fintech stock analysts currently favor. Affirm leads the group with a Strong Buy rating, while Toast holds a Moderate Buy and SoFi carries a Hold.
Analysts see the most upside in Affirm. AFRM average price target of $96.47 suggests about 39% upside from current levels. Toast follows with a price target of $47.12, which implies nearly 34% upside. SoFi sits at the low end of the range, with an average price target of $27.27, pointing to about 6% downside.
