SoFi shares remain a buy after ‘solid beat,’ says Citi

Citi analyst Ashwin Shirvaikar says SoFi Technologies exceeded Q4 expectations and has beaten and raised expectations thrice since it reset them for the student loan moratorium push-out from Q1 of 2022. The analyst likes the company’s push to GAAP profitability by Q4 of 2023 as well as the projected positive contribution margins even in its faster-growth Financial Services segment. However, questions around where growth will come and its balance sheet expansion / gain-on-sale will likely persist, the analyst tells investors in a research note. Nonetheless, Citi says SoFi shares remain a buy following the "solid beat" and keeps a Buy rating on the name with a $10 price target.