SoFi Technologies resumed with an Underperform at BofA

BofA resumed coverage of SoFi Technologies (SOFI) with an Underperform rating and $20.50 price target The firm, which reminds investors that SoFi raised $1.7B of capital in Q3 of 2025 through an equity offering, notes that SoFi completed its second capital raise of the year in December, issuing 54.5M shares for a total of $1.5B. While the analyst views the capital raise as a “modest positive” as it provides ammunition to power continued growth, the firm maintains an Underperform rating as it sees limited upside at the current multiple.