BofA Securities Reiterates Underperform Rating on SoFi Technologies (SOFI)

BofA Securities analyst Mihir Bhatia reiterated an Underperform rating and $13.00 price target on SoFi Technologies (NASDAQ: SOFI).

The analyst comments "SOFI’s tech segment consists of two acquired platforms, Galileo and Technisys, that serve as full stack core financial platform with payment processing capabilities. Investor concern has arisen as SOFI cut the outlook for the segment from mid 20%s between to 2023-2026 to mid-teens due to longer lead times and implementation cycles as the average client size becomes bigger. Still, SOFI sees the segment as a strategic imperative, even at a lower external growth trajectory, as it can develop the system to meet SOFI’s needs. This report is intended to provide investors with a concise overview of the segment. Our team is also hosting a call at 10AM on 3/7 regarding the state of the core banking industry (including SOFI). Contact your BofA salesperson to register."

For an analyst ratings summary and ratings history on SoFi Technologies click here. For more ratings news on SoFi Technologies click here.

Shares of SoFi Technologies closed at $12.45 yesterday.

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