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SoFi Stock Bull Sees 'Long-Term Winner' in Digital Lending -- Barrons.com
It's been a tough few weeks for SoFi Technologies, but the fintech has a new bull.Needham analysts led by Kyle Peterson initiated coverage of SoFi stock with a Buy rating and $10 price target on Wednesday.SoFi began as a lender focused on refinancing debt but now operates through three segments: lending, which includes student, personal, and home loans; financial services; and a technology platform."We view SOFI as a long-term winner in the digital lending/neobank space, largely due to its focus on prime and super-prime consumers and possession of a full banking license, which we believe provides the company superior unit economics compared to other consumer finance platforms that focus on lower income borrowers and/or lack a banking license," the Needham analysts wrote.SoFi stock surged 116% in 2023, and soared 20% on Jan. 29 after the company posted its first-ever quarterly profit. However, then plans for a capital raise sparked worries of potential dilution, sending shares down 15%
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