SoFi Technologies price target raised to $11 from $8 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on SoFi Technologies to $11 from $8 and keeps a Buy rating on the shares. The stock in premarket trading is up 2% to $8.37. The company’s efforts to educate investors about its strategy, liquidity, fair value accounting, financial model and credit quality are “paying dividends,” the analyst tells investors in a research note. The firm believes the stock’s recent rally also reflects growing appreciation for SoFi’s opportunity to take deposit share and deploy liquidity into high-return on equity loans. In addition, recent debt ceiling legislation ending Student loan moratoria is also a tailwind for the company in 2024, says Truist.