JPMorgan placed SoFi Technologies on “Negative Catalyst Watch” into the company’s Q4 earnings report on January 29. The firm sees risk to 2024 estimates and guidance based on comments management made at recent investor conferences, which point to a strategic shift away from balance sheet and loan growth, the company’s key profit driver over the past two years. JPMorgan reduced 2024 estimates to reflect slower loan growth and higher credit losses. It keeps a Neutral rating on SoFi with a $10 price target.
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