Morgan Stanley raised the firm’s price target on SoFi Technologies (SOFI) to $13 from $11 and keeps an Underweight rating on the shares. The driver of the “strong” Q2 beat was the Loan Platform Business as volumes beat the firm’s estimate by 35%, likely as SoFi started underwriting deeper to near-prime, the analyst tells investors. The topline reacceleration has been “impressive,” but the firm looks for a fade in the second half and 2026, adding that it also now assumes the new $1.5B stock offering drives 7% dilution.
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