Jefferies Starts SoFi (SOFI) at Buy and Sees Over 60% Upside

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Jefferies Starts SoFi (SOFI) at Buy and Sees Over 60% Upside

StreetInsider2021-09-22

Jefferies analyst John Hecht started the research coverage of SoFi Technologies (NASDAQ: SOFI) with a Buy rating and a $25.00 per share price target.This is the fourth 'Buy' rating SOFI has received ...

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Syin23
·2021-09-22
Finally, got cover target price [DOGE]
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It also has 1 Neutral rating (Credit Suisse).</p><p>The analyst believes SoFi’s “Flywheel” is likely to continue driving significant user growth, product adoption, and margin expansion.</p><p>“SoFi's Flywheel is designed to cross-sell the company's broad suite of products, with the ultimate goal of expanding the number of members who using consequently adopt higher-cost products, margins appreciate as well. Member growth is key to SoFi's strategy as a direct driver of revenue expansion – we currently expect ~46% average avg. revenue growth through '25. We believe this highly synergistic business model, which encourages significant cross-sell activity, will propel user growth, margins, and profitability over the long term,” the analyst said in a client note.</p><p>Similarly, the “Galileo” product is seen as a key differentiator and growth driver. Moreover, the company has also made progress towards obtaining a bank charter, which should ultimately support attractive long-term growth.</p><p>“Ultimately, SoFi may be less dependent on warehouse lines and securitizations, enhancing NIM &amp; portfolio returns as a result. While the impacts of the charter are not factored into LT guidance or our estimates (given the uncertainty around timing/likelihood), its adoption would serve as a significant enhancement of SoFi's origination capabilities and funding profile. Notably, the addition of a bank charter adds ~30% in incremental adjusted EBITDA relative to our current base case estimates,” Hecht added.</p><p>The SOTP method yields a $25.00 per share price target.</p><p>“This method is conservative and point to the potential upside to our PT if certain milestones are achieved (including bank charter adoption and margin/account appreciation ahead of ests) – largely attributable to the highly synergistic Flywheel,” the analyst concluded.</p><p>Shares of SoFi are up 4.5% in pre-open Wednesday.</p> </div></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jefferies Starts SoFi (SOFI) at Buy and Sees Over 60% Upside</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJefferies Starts SoFi (SOFI) at Buy and Sees Over 60% Upside\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 20:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18968240><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Jefferies analyst John Hecht started the research coverage of SoFi Technologies (NASDAQ: SOFI) with a Buy rating and a $25.00 per share price target.This is the fourth 'Buy' rating SOFI has received ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18968240\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://www.streetinsider.com/dr/news.php?id=18968240","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169651159","content_text":"Jefferies analyst John Hecht started the research coverage of SoFi Technologies (NASDAQ: SOFI) with a Buy rating and a $25.00 per share price target.This is the fourth 'Buy' rating SOFI has received since it went public via a SPAC in June. It also has 1 Neutral rating (Credit Suisse).The analyst believes SoFi’s “Flywheel” is likely to continue driving significant user growth, product adoption, and margin expansion.“SoFi's Flywheel is designed to cross-sell the company's broad suite of products, with the ultimate goal of expanding the number of members who using consequently adopt higher-cost products, margins appreciate as well. Member growth is key to SoFi's strategy as a direct driver of revenue expansion – we currently expect ~46% average avg. revenue growth through '25. We believe this highly synergistic business model, which encourages significant cross-sell activity, will propel user growth, margins, and profitability over the long term,” the analyst said in a client note.Similarly, the “Galileo” product is seen as a key differentiator and growth driver. Moreover, the company has also made progress towards obtaining a bank charter, which should ultimately support attractive long-term growth.“Ultimately, SoFi may be less dependent on warehouse lines and securitizations, enhancing NIM & portfolio returns as a result. While the impacts of the charter are not factored into LT guidance or our estimates (given the uncertainty around timing/likelihood), its adoption would serve as a significant enhancement of SoFi's origination capabilities and funding profile. Notably, the addition of a bank charter adds ~30% in incremental adjusted EBITDA relative to our current base case estimates,” Hecht added.The SOTP method yields a $25.00 per share price target.“This method is conservative and point to the potential upside to our PT if certain milestones are achieved (including bank charter adoption and margin/account appreciation ahead of ests) – largely attributable to the highly synergistic Flywheel,” the analyst concluded.Shares of SoFi are up 4.5% in pre-open Wednesday.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}