Is SOFI Stock a Buy after the Steep YTD Selloff? Wall Street Weighs In

Wall Street Is Divided on SOFI Stock

Last month, Citi analyst Peter Christiansen reiterated a Buy rating on SOFI stock but lowered his price target to $30 from $37. While the analyst noted the company’s strong Q1 performance, he reduced his price target to reflect “multiple compression” in the lending technology space.

Meanwhile, following the Q1 print, Morgan Stanley analyst Jeffrey Adelson trimmed his price target to $16 from $18 and reaffirmed a Sell rating on SOFI stock. The analyst noted that while the company delivered solid growth in originations and members, there was a significant slowdown in the capital-light businesses. Moreover, Q2 guidance missed expectations.

Also, Truist analyst Matthew Coad lowered his price target on SoFi Technologies stock to $17 from $20 and reiterated a Hold rating as part of a broader research note on stocks in the Payments space following first-quarter results. The analyst lowered his Q2 revenue estimate to reflect reduced sales assumptions in the loan platform business and lower expectations for the company’s technology platform segment.

Is SOFI a Good Stock to Buy Now?