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2023-11-02

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SoFi Stock Jumps over 2% As Morgan Stanley Upgrades the Stock to Equal Weight

A strong third-quarter earnings report from SoFi Technologies prompted one analyst team to boost its rating on the fintech.Morgan Stanley analysts upgraded SoFi to Equal Weight from Underweight in a Tuesday report.The stock had risen 8% to $7.50 on Tuesday afternoon, putting it on track for its largest percent increase since July 31, when it gained 20%, according to Dow Jones Market Data. This year, shares have soared 63%.The upgrade marks a reversal for the analyst team. In July, it downgraded the stock to Underweight, citing that revenue growth was set to disappoint in 2024 and a smaller-than-expected opportunity in student loan refinancing.With shares now trading closer to their price target of $7, there is "a more balanced risk-reward skew," the Morgan Stanley team noted.They highlighted multiple positives, including a better-than-expected income growth forecast for next quarter, strong student loan origination numbers in the third quarter, and nonlending segments "set to reaccele

SoFi Stock Jumps over 2% As Morgan Stanley Upgrades the Stock to Equal Weight

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This year, shares have soared 63%.The upgrade marks a reversal for the analyst team. In July, it downgraded the stock to Underweight, citing that revenue growth was set to disappoint in 2024 and a smaller-than-expected opportunity in student loan refinancing.With shares now trading closer to their price target of $7, there is \"a more balanced risk-reward skew,\" the Morgan Stanley team noted.They highlighted multiple positives, including a better-than-expected income growth forecast for next quarter, strong student loan origination numbers in the third quarter, and nonlending segments \"set to reaccele","content":"<html><head></head><body><p style=\"text-align: start;\">A strong third-quarter earnings report from SoFi Technologies prompted one analyst team to boost its rating on the fintech.</p><p style=\"text-align: start;\">Morgan Stanley analysts upgraded SoFi to Equal Weight from Underweight in a Tuesday report.</p><p>SoFi stock continues to jump 2.36% in morning trading on Wednesday.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e6cef4b1d3ea53d32ebc31294f91413\" tg-width=\"790\" tg-height=\"627\"/></p><p style=\"text-align: start;\">The stock jumped 8.8% to $7.55 on Tuesday, hitting its largest percent increase since July 31, when it gained 20%. This year, shares have soared 64%.</p><p>The upgrade marks a reversal for the analyst team. In July, it downgraded the stock to Underweight, citing that revenue growth was set to disappoint in 2024 and a smaller-than-expected opportunity in student loan refinancing.</p><p>With shares now trading closer to their price target of $7, there is “a more balanced risk-reward skew,” the Morgan Stanley team noted.</p><p>“We actually walked away from 3Q’s results incrementally more positive on the near-term outlook into 2024,” the analysts continued.</p><p>They highlighted multiple positives, including a better-than-expected income growth forecast for next quarter, strong student loan origination numbers in the third quarter, and nonlending segments “set to reaccelerate into 2024 as Lending revenues slow.”</p><p>On Monday, the company posted a third-quarter adjusted loss of 3 cents a share, while Wall Street had called for a loss of 8 cents, according to FactSet.</p><p>Chief Executive Officer Anthony Noto told <em>Barron’s</em> he sees the nonlending businesses as the driver of growth into the fourth quarter and next year.</p><p>“I think that the best way to think about lending going forward is it will be additive to growth, as opposed to the driver of growth,” he added.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nSoFi Stock Jumps over 2% As Morgan Stanley Upgrades the Stock to Equal Weight\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-11-01 22:41</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">A strong third-quarter earnings report from SoFi Technologies prompted one analyst team to boost its rating on the fintech.</p><p style=\"text-align: start;\">Morgan Stanley analysts upgraded SoFi to Equal Weight from Underweight in a Tuesday report.</p><p>SoFi stock continues to jump 2.36% in morning trading on Wednesday.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e6cef4b1d3ea53d32ebc31294f91413\" tg-width=\"790\" tg-height=\"627\"/></p><p style=\"text-align: start;\">The stock jumped 8.8% to $7.55 on Tuesday, hitting its largest percent increase since July 31, when it gained 20%. This year, shares have soared 64%.</p><p>The upgrade marks a reversal for the analyst team. In July, it downgraded the stock to Underweight, citing that revenue growth was set to disappoint in 2024 and a smaller-than-expected opportunity in student loan refinancing.</p><p>With shares now trading closer to their price target of $7, there is “a more balanced risk-reward skew,” the Morgan Stanley team noted.</p><p>“We actually walked away from 3Q’s results incrementally more positive on the near-term outlook into 2024,” the analysts continued.</p><p>They highlighted multiple positives, including a better-than-expected income growth forecast for next quarter, strong student loan origination numbers in the third quarter, and nonlending segments “set to reaccelerate into 2024 as Lending revenues slow.”</p><p>On Monday, the company posted a third-quarter adjusted loss of 3 cents a share, while Wall Street had called for a loss of 8 cents, according to FactSet.</p><p>Chief Executive Officer Anthony Noto told <em>Barron’s</em> he sees the nonlending businesses as the driver of growth into the fourth quarter and next year.</p><p>“I think that the best way to think about lending going forward is it will be additive to growth, as opposed to the driver of growth,” he added.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2380527144","content_text":"A strong third-quarter earnings report from SoFi Technologies prompted one analyst team to boost its rating on the fintech.Morgan Stanley analysts upgraded SoFi to Equal Weight from Underweight in a Tuesday report.SoFi stock continues to jump 2.36% in morning trading on Wednesday.The stock jumped 8.8% to $7.55 on Tuesday, hitting its largest percent increase since July 31, when it gained 20%. This year, shares have soared 64%.The upgrade marks a reversal for the analyst team. In July, it downgraded the stock to Underweight, citing that revenue growth was set to disappoint in 2024 and a smaller-than-expected opportunity in student loan refinancing.With shares now trading closer to their price target of $7, there is “a more balanced risk-reward skew,” the Morgan Stanley team noted.“We actually walked away from 3Q’s results incrementally more positive on the near-term outlook into 2024,” the analysts continued.They highlighted multiple positives, including a better-than-expected income growth forecast for next quarter, strong student loan origination numbers in the third quarter, and nonlending segments “set to reaccelerate into 2024 as Lending revenues slow.”On Monday, the company posted a third-quarter adjusted loss of 3 cents a share, while Wall Street had called for a loss of 8 cents, according to FactSet.Chief Executive Officer Anthony Noto told Barron’s he sees the nonlending businesses as the driver of growth into the fourth quarter and next year.“I think that the best way to think about lending going forward is it will be additive to growth, as opposed to the driver of growth,” he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":49,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}