SoFi Technologies price target lowered to $11 from $12 at Citi

Citi lowered the firm’s price target on SoFi Technologies to $11 from $12 and keeps a Buy rating on the shares. The analyst updated the company’s model after the 10-Q release. SoFi’s solid Q3 results were driven by broad-based loan origination strength, greater than expected net interest margin expansion, and the continued flexibility from ongoing deposit moment, the analyst tells investors in a research note. The firm, however, lowered 2024 and 2025 revenue expectations by 3%-5% to incorporate recent trends of lower lending fee revenues; higher write-offs; and volatility in fair value changes and hedge gains. Citi’s positive view on SoFi’s digital bank leadership position is unchanged.