SoFi stock dropped 10% in morning trading on Wedbush’s downgraded.
Wedbush downgraded SoFi Technologies to Underperform from Neutral with a price target of $2.50, down from $5. The firm believes the company may be nearing a tipping point on the fee income it recognizes related to loan origination and sales, and capital levels may be overstated using fair value accounting and it may look to raise capital this year to support growth.
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