SoFi Technologies price target lowered to $8 from $8.50 at Piper Sandler

Piper Sandler lowered the firm’s price target on SoFi Technologies to $8 from $8.50 and keeps a Neutral rating on the shares following a review of the 2023 10-K and recent commentary from management. The firm continues to expect headwinds to develop in the Lending segment as SoFi slows growth coupled with higher NCOs and premium amortization on the personal loan portfolio. These headwinds will be offset by significant growth within the Financial Services and Technology segments with management estimating 50% growth in 2024, Piper says. The firm is encouraged to see a more diversified business model whereby when one segment slows, the other can offset some impact.