SoFi Technologies initiated with a Buy at BTIG

BTIG initiated coverage of SoFi Technologies with a Buy rating and $14 price target. SoFi, which went public as a SPAC in 2021, has “emerged as a leader” in the consumer-focused fintech space, but this has not been reflected in the share price performance, the analyst tells investors. SoFi’s boasts a robust product suite, member-first approach and significant user growth and uptake of new products, says the firm, which expects SoFi to benefit going forward from the successful implementation of the banking charter and associated ongoing deposit inflows. SoFi’s shares “may be inexpensive now, it’s difficult to see valuation remaining this low with GAAP profitability by the end of FY23,” argues BTIG.