$SoFi Technologies Inc.(SOFI)$ Piper Sandler analyst Kevin Barker recently declared that the market has been “over-discounting” $SoFi Technologies Inc.(SOFI)$ . Barker issued an “overweight” rating on the stock along with a $10 price target.
In defense of the high rating and price objective, Barker cited several potential macro-level headwinds.
“The combination of rapid growth in deposits, the expiration of the student loan moratorium, and revenue growth in the financial services segment should lead to significant earnings momentum throughout 2023 and 2024,” Barker explained. Presumably, the analyst was referring to the Biden administration’s extension to August of the pause on student loan repayments.
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