Ruling removes significant uncertainty on SoFi, says MoffettNathanson

MoffettNathanson analyst Eugene Simuni reiterates an Outperform rating on SoFi Technologies with a $10 price target after the Supreme Court issued a ruling striking down President Biden’s student loan forgiveness plan. Together with the Fiscal Responsibility Act of 2023, the ruling “removes a significant amount of uncertainty” about the prospects of SoFi’s “market-leading” student loan business, the analyst tells investors in a research note. The firm says student loans refinancing is not the entirety, and not even 50%, of SoFi’s business. As such, it continues to “see several sources of upside” for the shares.