Truist raised the firm’s price target on SoFi Technologies (SOFI) to $29 from $23 and keeps a Hold rating on the shares as part of a broader research note previewing Q3 earnings in Payments/FinTech. Overall, Q3 results should be strong as consumer spending has held up well, but the firm also fears that Q4 guidance for certain firms may come in worse than the Street expectations due to tougher comps in Q4 following the strong holiday spending season last year, the analyst tells investors in a research note. Investors should continue to be selective when allocating to the payments/FinTech space, Truist added.
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