SoFi Technologies downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Dominick Gabriele downgraded SoFi Technologies to Perform from Outperform without a price target. The firm’s bullish thesis is unchanged over the longer term but with the shares up 105% year-to-date, it thinks the stock now largely reflects its raised 2024 revenue outlook and the credit the management deserves for execution and diversifying the business. The high end of the analyst’s valuation is $9.50 per share.