SoFi Technologies initiated with an Equal Weight at Stephens

Stephens analyst Vincent Caintic initiated coverage of SoFi Technologies with an Equal Weight rating and $7 price target. The analyst is bullish on the company’s growth and is 35% above consensus 2025 estimates. The firm’s concern is not about credit or accounting like what bears focus on. Instead, it is watching SoFi’s significantly higher expense ratio, particularly marketing at 36% versus the industry’s 8%, as a key driver to profitability. It views the shares as fully valued at current levels.