SoFi downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette downgraded SoFi Technologies to Underperform from Market Perform with a price target of $6.50, down from $7.50. The analyst cites a combination of the stock’s recent outperformance and a re-underwriting of the firm’s model, which slightly reduced estimates, leaving it materially below consensus, for the downgrade. Keefe’s updated 2024 revenue and EBITDA expectations are approximately 10% and 17% below Street expectations, respectively, largely due to slower origination growth and technology revenues.