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Student loan forbearance extension a near-term headwind for SoFi, says BofA

BofA analyst Mihir Bhatia lowered the firm’s price target on SoFi Technologies to $8 from $9 and keeps a Buy rating on the shares after lowering estimates given the recent extension of the student loan forbearance moratorium to June 30, 2023 from January 1, 2023 previously. The analyst, who calls the forbearance extension a "near-term headwind," notes that SoFi had said following the federal appeals court’s initial block on student loan forgiveness that it is "in a more optimistic position in the marketplace" and it also expects to deliver strong growth in 2023, whether the moratorium was extended or not.

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