SoFi Technologies downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Jeffrey Adelson downgraded SoFi Technologies to Underweight from Equal Weight with a price target of $6.50, down from $7. The company’s “new medium-term targets are now out in the open, but may be optimistic,” the analyst tells investors in a research note. The firm says SoFi’s revenue growth is still set to slow meaningfully in 2024, as lending pressures grow and keep “a lid” on growth over the medium-term. It cites slowing sales and execution risk on the path to 2026 earnings for the downgrade to Underweight.