SoFi Technologies (SOFI) is expanding its credit card portfolio with the introduction of two new offerings: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. The credit cards give rewards to their users.
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SoFi is a digital financial services company.
Why Is SOFI Launching New Credit Cards?
SoFi is focused on building its credit card business. In fact, the company’s management stated at the Goldman Sachs Communacopia conference that it was “focused on our 8.8 million members and bring the credit cards to them when that could be a really sizable business in and of itself.”
According to TipRanks “Bulls Say, Bears Say,” analysts bullish on SoFi approve of the fintech company’s focus on “serving tech-savvy millennials, which has helped the company attract a group of well-educated and high-credit score customers.”
What Is the Price Target for SoFi?
Analysts remain sidelined about SOFI stock, with a Hold consensus rating based on five Buys, six Holds, and three Sells. Year-to-date, SOFI has declined by more than 10%, and the average SOFI price target of $8.27 implies a downside potential of 3.7% from current levels.
