After a surge of more than 90% in the past month, personal finance company, SoFi Technologies (NASDAQ: SOFI) snapped its winning streak on Thursday in morning trading as the stock fell at the time of publishing after an analyst downgrade.
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Oppenheimer analyst Dominick Gabriele downgraded the stock to a Hold from a Buy and did away with the prior price target of $8. Gabriele commented, “Given SoFi’s stock is trading at the top end of our high range, we are moving to the sidelines as investor sentiment could shift on credit/other existing narratives, creating a better entry point.” The analyst added that “the range of valuation metrics lead to a high end of about $9.50 and a low end of about $6.”
However, the analyst remained bullish about SOFI over the long term and raised the revenue estimates for Q2, Q3, and Q4 to $485 million, $527 million, and $563 million, respectively, from his prior estimates of $478 million, $510 million, and $528 million, respectively. For FY24, Gabriele has forecasted revenues of $2.6 billion.
Besides Gabriele, other analysts are cautiously optimistic about SOFI stock with a Moderate Buy consensus rating based on eight Buys, six Holds, and one Sell.