SoFi Technologies resumed with a Buy at Citi

Citi analyst Ashwin Shirvaikar resumed coverage of SoFi Technologies with a Buy rating and $11 price target. SoFi expects to save $40M-$60M in annual interest expense and dividend payments by using its notes convertible senior notes issuance to pay down higher cost instruments, the analyst tells investors in a research note. The firm says its fundamental bullish view on SoFi remains unchanged as its intended business diversification comes into focus, its ability to continue to attract deposits continues to prove itself out and investors focus on forward profitability.