Morgan Stanley’s New Outlook on SoFi

Morgan Stanley analyst Jeffrey Adelson recently raised his firm’s price target on SoFi Technologies (NASDAQ: SOFI) from $7.50 to $13.00, while notably maintaining an Underweight (sell-equivalent) rating (^[1]). In other words, even this traditionally bearish analyst acknowledged improving fundamentals at SoFi by substantially upping the target price. Adelson described 2024 as a year of “stabilization” for SoFi’s business, noting that rising loan delinquencies have moderated to their slowest pace in nearly three years (^[1]). Looking ahead, Morgan Stanley sees a supportive backdrop in 2025 – easing inflation, improving real wages, potentially lower interest rates, and generally rational lending standards – leaving consumer credit on solid footing into next year (^[1]). This more benign credit outlook is a key reason Morgan Stanley grew more optimistic about SoFi’s valuation. However, the Underweight rating signals lingering caution, meaning Morgan Stanley still believes SoFi’s stock may be overpriced relative to other opportunities, even if the worst-case fears have abated. The big question for investors is: what’s improving at SoFi, and what challenges remain, to prompt such a shift in outlook? Below, we dive into SoFi’s fundamentals – from its dividend policy and financial leverage to valuation, risks, and open questions – to understand the story behind Morgan Stanley’s revised stance.

Dividend Policy & History (or Lack Thereof)

SoFi has never declared or paid a cash dividend on its common stock, and management has been clear that no payouts are planned for the foreseeable future (^[2]). As a growth-oriented fintech and digital bank, SoFi prefers to retain earnings to reinvest in expansion rather than return cash to shareholders (^[2]) (^[2]). In fact, SoFi’s 2021 transition to a bank holding company (via its bank charter approval) came with regulatory dividend restrictions – banking regulators generally won’t allow dividends unless a bank is solidly profitable with excess capital (^[2]) (^[2]). Given SoFi only just reached GAAP profitability in late 2023 (discussed more below), it doesn’t meet the consistent profitability threshold to even consider dividends at this stage. The only exception is SoFi’s Series 1 preferred stock, which carries a fixed semiannual dividend; those preferred dividends have been paid (about $40 million annually) while common shareholders receive none (^[2]) (^[2]). With zero dividend yield on the common stock, income-focused investors won’t find SoFi attractive for current income. Instead, the implicit “dividend policy” is to drive growth – management emphasizes using retained capital to fund lending, customer acquisition, and new products, aiming to boost the stock’s value rather than pay cash out. In short, SoFi offers growth potential in lieu of dividends, and that likely won’t change until the company matures and consistently generates excess cash. (Metrics like AFFO/FFO aren’t applicable here, as SoFi is not a REIT; its cash flow is reinvested in loans and technology rather than paid out.)

Leverage, Debt Maturities & Capital Structure

SoFi has built a solid capital base to support its lending growth, but it does carry some corporate debt that investors should note. The main long-term debt on SoFi’s books is a convertible senior note issuance from late 2021 – zero-coupon notes (no regular interest) that mature on October 15, 2026 (^[2]). After repurchases of a portion of these notes, about $1.1 billion principal remains outstanding on the 2026 convertibles (^[2]). This debt gives bondholders the option to convert to equity (at a conversion rate of ~44.6 shares per $1,000 note) if SoFi’s stock rises sufficiently by 2026, potentially avoiding large cash repayment. However, having over $1 billion due in 2026 was a leverage overhang – one that SoFi proactively addressed in early 2024. In Q1 2024, SoFi refinanced and reduced this looming debt: it issued $862.5 million of new convertible notes due 2029 at a low 1.25% coupon, and simultaneously exchanged $600 million of the 2026 notes for SoFi stock at a discount to par (^[3]). These moves pushed out debt maturities and strengthened the balance sheet (the debt-for-equity swap even increased tangible equity per share) (^[3]). As a result, SoFi’s regulatory capital ratios improved – its total capital ratio hit a robust 17.3% in early 2024, well above bank minimums (^[3]).

Aside from the convertibles, SoFi’s overall leverage appears manageable. The company’s lending operations are primarily funded by deposits and “warehouse” credit facilities rather than high-cost term debt. Since obtaining a national bank charter in 2022, SoFi has rapidly grown its deposit base, which serves as low-cost funding for loans. Total deposits reached $18.6 billion by year-end 2023 (up 19% in Q4 alone) (^[4]), a huge jump from about $7.3 billion a year prior (^[4]). This influx of deposits – 90% of which come from sticky direct-deposit customers (^[4]) – has allowed SoFi to replace expensive warehouse borrowings with cheaper deposit funding (^[4]). In fact, in Q4 2023 the average interest rate SoFi paid on deposits was 218 basis points lower than its cost of warehouse credit lines (^[4]). This savings directly boosts SoFi’s net interest margin. With deposits now well north of $25 billion in 2024 (and still growing), SoFi has ample liquidity to fund loan originations without leaning on high-interest debt. The company also maintains a revolving credit facility and conducts asset-backed securitizations, but these are routine financing tools for its lending business (^[2]) (^[2]). Importantly, SoFi’s interest expense is well-covered by interest income – as a bank, it earns far more on loans than it pays on deposits. In the latest quarter, net interest margin (NIM) stood around 6% and management expects to sustain “healthy NIM above 5%” going forward (^[5]). This indicates SoFi can comfortably meet its interest obligations. Overall, SoFi’s leverage profile has improved, with long-term debt maturities extended and a growing deposit base strengthening its funding mix. Investors should monitor that remaining 2026 convertible tranche and any new debt, but for now capital levels and liquidity look strong (SoFi is categorized as “well-capitalized” by regulatory standards (^[5])).

Financial Performance and Profitability Coverage

A major reason sentiment on SoFi has improved is its sharp progress toward profitability. After years of net losses, SoFi achieved positive GAAP net income in Q4 2023, marking its first profitable quarter ever (^[4]). CEO Anthony Noto announced that Q4 GAAP net income was $48 million (EPS $0.02), a swing from a $40 million loss a year earlier (^[4]) (^[4]). SoFi followed that with an even stronger Q1 2024 profit of $88 million (^[3]), and management expects to remain profitable on an annual basis going forward. In fact, SoFi’s 2024 guidance calls for $95–$105 million of GAAP net income for the full year (^[4]) – a milestone after a $(320)$ million loss in 2022. This rapid turnaround has been driven by surging revenues and improving operating efficiency. SoFi’s total adjusted net revenue grew ~26% in Q1 2024 year-over-year (^[3]), propelled by its lending and financial services segments, while expenses have grown more slowly, allowing margins to expand. The company also recorded $334 million in tangible book value growth during 2023 as earnings and capital raisings boosted equity (^[4]). Notably, SoFi Bank, N.A. – the company’s banking subsidiary – earned $129 million of net income in Q4 2023 alone, equating to a healthy 27% profit margin and a 16.8% annualized return on tangible equity for the bank unit (^[4]). This shows that the core banking/lending operations are quite profitable; the consolidated company’s profits are dampened only by heavy investments in technology, marketing, and corporate overhead outside the bank.

From a “coverage” standpoint, because SoFi doesn’t pay a dividend, the key coverage ratio to watch is interest coverage – and as mentioned, net interest income is strongly positive. In 2023, SoFi’s net interest income topped $1.26 billion, which was more than 6× its $190 million of total interest expense (including interest paid on deposits and borrowings) (^[2]). Another form of “coverage” for lenders is loan loss reserve coverage – SoFi holds reserves on its balance sheet for potential credit losses. Thus far, credit performance has been better than feared: charge-off and delinquency rates have remained manageable even in SoFi’s fast-growing personal loan portfolio. Morgan Stanley highlighted that delinquencies actually moderated in late 2024, indicating SoFi isn’t seeing a deterioration in credit quality (^[1]). SoFi’s allowance for loan losses appears adequate given these trends (the annualized default rate on personal loans was roughly stable per recent disclosures). In short, SoFi’s earnings are now covering its costs, and the company has shown it can generate real profits – a critical validation of the business model. That said, full-year GAAP profitability is just beginning, and investors will be watching to ensure this isn’t a temporary fluke. SoFi’s management uses adjusted EBITDA as a performance metric (which was $181 million in Q4 2023) (^[4]), but with GAAP net income turning positive, the focus is shifting to true earnings power. The coverage of expenses by revenues is steadily improving, giving SoFi more operating leverage as it scales. One item to mention: SoFi took a one-time $247 million goodwill impairment charge in 2023 related to past acquisitions (^[4]). Excluding that non-cash hit, the full-year 2023 net loss would have been only ~$54 million (^[4]) – underscoring how close to break-even the company was before flipping to profit at year-end. All signs suggest that SoFi has turned the corner financially, though sustaining and growing profits from here remains an important task (see Open Questions below).

Valuation and Comparable Metrics

Despite SoFi’s improving fundamentals, valuation is a contentious point. The stock’s price has rallied significantly over the past year, and by early 2025 many analysts felt SoFi was priced for perfection. At roughly $14–15 per share (where the stock traded around year-end 2024), **SoFi’s valuation equated to about 69× consensus expected earnings for 2025 – a sky-high P/E ratio that dwarfs the ~12× median P/E for comparable consumer digital lenders (^[6]). In other words, investors were paying a huge premium for SoFi’s growth. Traditional banking multiples also flash caution: according to Morgan Stanley, SoFi was trading at about 2.4× tangible book value (P/TBV) as of early 2024 (^[7]), whereas most bank stocks trade around 1×–2× book. With the stock price nearly doubling from October 2024 to January 2025, the P/TBV likely expanded to ~3×, an elevated level for a business that, while growing fast, is only newly profitable. Morgan Stanley’s own $13 price target implies a more tempered valuation – indeed, the firm’s Underweight thesis was partly that SoFi should be “valued like a bank,” not a frothy tech stock (^[7]). They and others argue SoFi’s valuation should reflect its banking risks and capital needs, not just growth potential. As evidence of skepticism, another brokerage (KBW) downgraded SoFi to Underperform in January 2025 and set a $8.00 target, about half the prevailing price, citing “overstretched” valuation and the disconnect between lofty investor expectations and more mundane banking realities (^[6]) (^[6]).

On the other hand, bulls claim that comparing SoFi to slow-growing bank peers is misguided. They note SoFi is still in “hyper-growth” mode (revenue expected to grow ~25% in 2024) and expanding its product offerings, more akin to a fintech disruptor than a regional bank. By some metrics, SoFi’s valuation has moderated compared to its own history – for instance, its enterprise value-to-sales ratio is reasonable given >30% revenue growth rates. Also, SoFi’s improving profitability means its forward P/E will rapidly compress if earnings ramp up as projected. SoFi’s long-term targets (announced by management) include achieving a 20–30% return on tangible equity (ROTCE) in the future, which, if reached, would actually justify a higher P/B multiple. However, analysts are unsure if those targets are realistic – KBW, for example, explicitly stated that a 20–30% ROTCE goal “would be difficult to achieve” in practice (^[6]). So while SoFi’s valuation remains rich relative to established financials**, it partly reflects optimism that SoFi can fundamentally out-grow and out-earn traditional banks. Investors essentially face a classic valuation dilemma: paying a premium for growth and innovation vs. the risk that SoFi eventually gets valued on more traditional metrics. For now, Morgan Stanley’s upward revision of the price target to $13 suggests some recognition of stronger fundamentals, but the cautious rating underscores that valuation is still a concern. In short, SoFi is no longer the bargain it was at pandemic-era lows; the stock’s strong performance means future gains will have to be earned through exceptional execution to grow into its multiple. By most measures (P/E, P/B, PEG ratio), SoFi looks expensive – unless it can continue its high growth trajectory and significantly boost earnings in coming years.

Key Risks and Red Flags

Every investment has risks, and SoFi is no exception. Here are some of the key risks and red flags investors should keep in mind:

– Credit Risk in SoFi’s Loan Portfolio: While credit trends stabilized in 2024, SoFi’s rapid loan growth could face trouble if the economy falters. SoFi’s loan book is concentrated in personal loans (unsecured consumer credit) and student loan refis – loans that tend to be more sensitive to unemployment and borrower finances. If inflation or unemployment unexpectedly rises, delinquencies and defaults could climb, forcing SoFi to boost loss provisions (which hit earnings). To its credit, SoFi has managed credit well so far – as Morgan Stanley noted, delinquency upticks have moderated (^[1]) – but this is largely thanks to a decent economy. Investors should monitor SoFi’s net charge-off rates and delinquency trends each quarter for any deterioration. A consumer credit downturn (e.g. a recession) is a top risk, given SoFi’s relatively unseasoned personal loan portfolio (many loans were issued in the past 1–2 years). Loan concentration is another factor – personal loans now make up the bulk of SoFi’s loans held, and while these have high yields, they also carry higher default risk than secured loans. In short: SoFi is effectively a bank lending to young professionals; its fortunes could shift if that demographic hits hard times.

– Regulatory and Compliance Risks: As a fintech that’s now a regulated bank, SoFi must navigate a complex regulatory environment. Starting in 2024, SoFi Bank came under direct supervision of the CFPB (Consumer Financial Protection Bureau) for consumer protection compliance (^[2]). This means more frequent exams and the potential for enforcement actions if the bank falters on things like fair lending, truth-in-marketing, data security, etc. In the past, SoFi has had minor run-ins – for example, a 2018 FTC consent order over how it advertised loan refinancing savings. Any future compliance slip-ups could result in fines or restrictions. Additionally, SoFi’s national bank charter (OCC-regulated) brings obligations like the Community Reinvestment Act (CRA) – SoFi will need to lend to low-income communities or face possible ratings downgrades that hinder expansion (^[2]). There’s also political/regulatory risk around SoFi’s activities: it offers crypto investing, high-yield deposit accounts, and other innovative products that may draw regulatory scrutiny. For instance, lawmakers have questioned fintech-bank partnerships and high interest rate promotions. While SoFi has thus far navigated the rules well, the margin for error is smaller now that it’s under multiple regulators (Federal Reserve, OCC, CFPB, SEC for brokerage). Heightened regulation could also increase compliance costs, impacting profitability. In short, SoFi is now in a heavily regulated industry – a bad exam result or new regulations (such as tighter capital requirements for mid-size banks) are risk factors to watch.

– Valuation & Market Sentiment: As discussed, SoFi’s stock valuation is high, which in itself is a risk. The stock’s lofty price means it could be volatile – any hint of growth slowing or a miss on earnings could trigger a sharp selloff. We’ve already seen some of this: after a huge run-up, SoFi shares fell ~6% in early 2025 when KBW issued a stark downgrade on valuation concerns (^[6]). When a stock is priced at nearly 70× forward earnings, even minor disappointments can have outsized effects on the share price. Furthermore, if interest rates remain high, growth stocks like SoFi often see multiples compress (as future earnings are discounted more). So investors face valuation risk – a great company can be a poor investment if bought at too high a price. Morgan Stanley’s Underweight stance and others’ caution highlight that SoFi’s current price leaves little margin for error. In essence, SoFi must execute near-flawlessly to justify its valuation. Any stumble in growth, profitability, or an external shock, and the stock could correct significantly. Rapid shifts in market sentiment (for example, if fintech stocks go out of favor) are a real red flag given how popular SoFi has been among retail investors.

– Execution & Profitability Challenges: Now that SoFi has scaled to ~11 million members and turned profitable, the next challenge is sustaining that momentum. Management has set ambitious medium-term targets, including 20–25% annual revenue growth through 2026 and eventually a 20%+ ROTCE (return on tangible common equity) (^[7]) (^[6]). Achieving this will require flawless execution: continuing to add millions of new customers each year, cross-selling multiple products to each member, and expanding margins without unduly raising risk. There’s a risk that growth could slow as SoFi’s member base gets larger – already, the company’s revenue mix is shifting (for example, student loan refinancing is recovering, but personal loan growth may moderate due to more conservative underwriting). Morgan Stanley’s Adelson warned in early 2024 that SoFi’s 2024 top-line outlook might be weaker than the market expected (^[7]), and that “downside risk” outweighs upside if SoFi fails to hit its aggressive profitability roadmap (^[7]). In particular, SoFi’s cost structure bears watching – the company still spends heavily on marketing, technology development, and new product launches (like options trading, credit cards, etc.). If those investments don’t yield proportional revenue, operating leverage could stall. Additionally, competition is a constant execution challenge: big banks and fintech peers are vying for the same customers. If SoFi can’t keep its value proposition distinct (e.g. best-in-class app, product breadth, high rates, and rewards), growth could disappoint. In summary, SoFi now has to prove it can hit its lofty targets; failure to do so is a key risk. High growth businesses can see their stock tumble if growth decelerates or profitability goals slip – so this is a red flag to monitor in quarterly results.

– Technology Platform Uncertainties: Part of SoFi’s strategy is its Galileo and Technisys technology platform segment, which provides backend services to other fintechs and banks. This is a double-edged sword. On one hand, it diversifies SoFi’s revenue beyond lending (Galileo contributes payment processing and API revenue). On the other hand, growth in this segment has been slower than expected – only 13% YoY in Q4 2023 (^[4]) – due to many fintech clients facing challenges. SoFi even took a $247 million goodwill impairment in 2023, largely attributable to the Technisys acquisition, signaling that business is underperforming initial expectations (^[4]). The risk is that SoFi spent over $1 billion on these tech platforms, but competition (e.g. other banking-as-a-service providers) and fintech industry headwinds could limit their payoff. If Galileo/Technisys don’t scale up as planned, SoFi might not realize the revenue synergies it hoped for, effectively stranding some of that invested capital. Additionally, being a technology provider introduces different risks (cybersecurity, service outages, client concentration) that SoFi must manage. Investors should scrutinize the Tech Platform segment’s progress – it’s a red flag if this business stagnates or requires further write-downs, as it would mean SoFi overpaid for growth that isn’t materializing.

(In addition to the above, other risks include macroeconomic conditions (interest rate changes could impact SoFi’s net interest margins and refinancing demand), and potential dilution (SoFi has issued stock for acquisitions and to settle debt conversions, which can dilute existing shareholders).)

Open Questions Going Forward

Beyond the known risks, there are some open questions and wildcards about SoFi’s future that merit investor attention:

– Can SoFi Sustain High Growth as it Scales? – SoFi’s member and product growth have been exceptional, with members up 34% year-over-year to 10.9 million in early 2024 (^[8]). The company forecasts ~30% membership growth in 2024 and 20–25% revenue CAGR through 2026 (^[7]). But as the user base grows, will SoFi be able to keep finding new pools of customers at this pace? Growth could naturally slow as the law of large numbers sets in or marketing efficiency diminishes. Moreover, SoFi’s expansion into new product lines (insurance, investing, credit cards, etc.) aims to deepen relationships, but cross-selling at scale is challenging – not every SoFi user will adopt multiple products. This raises the question: is SoFi’s aggressive growth guidance achievable, or somewhat optimistic? If growth falls to, say, 10–15% annually after 2024, the valuation would look much more expensive. Investors will be watching each quarter’s new member adds and product per member metrics to gauge whether hyper-growth is continuing or tapering off.

– What Is the Long-Term Profitability Trajectory? – Now that SoFi has turned the profitability corner, how profitable can it ultimately become? Management’s long-term goal of 20–30% return on tangible equity is lofty – comparable to the most efficient banks or fintechs – and some analysts doubt it’s attainable (^[6]). Key open questions are: What will SoFi’s sustainable net interest margin look like in a normalized rate environment? Can SoFi eventually reduce its operating expense ratio (currently high due to marketing and R&D) to bank-like levels? Also, SoFi enjoys very high revenue per customer now (due to high loan balances of early adopters); as it reaches more mainstream customers, will unit economics stay as favorable? The path to, say, 20%+ ROTCE likely requires a combination of strong net interest income, high fee income from cross-selling, and disciplined cost control. It remains to be seen if SoFi can achieve bank-like efficiency while still innovating like a fintech. In short, how high is SoFi’s profit ceiling? The answer will determine what kind of valuation the stock ultimately deserves.

– How Will the Student Loan Reboot Play Out? – One unique open question for SoFi is the return of student loan refinancing after a multi-year hiatus. Federal student loan payments were paused from 2020 to late 2023; as a major student-loan refinance provider, SoFi’s volumes plunged during that period. Now payments have resumed (as of Q4 2023) and SoFi’s student loan originations are rebounding – $752 million in Q1 2024, up 43% YoY (^[3]). However, it’s unclear how big this rebound will get. Borrowers are now adapting to new government income-driven repayment plans (the SAVE program) that make federal loans more affordable, which could reduce the incentive for many to refinance with SoFi (especially those with moderate incomes who get payment caps or forgiveness). Will SoFi’s student loan refi business ever reclaim its pre-pandemic scale? Or will the combination of higher interest rates and generous federal programs keep a lid on refinancing demand? This question is vital, because student refinancing was once SoFi’s flagship product and a significant profit generator. A related unknown is how Washington’s policies might change – student debt relief plans, if revived, or other interventions could again alter the market. For SoFi, a best-case scenario is that millions of high-earning borrowers (e.g. doctors, lawyers) who don’t benefit much from federal plans choose to refinance for lower rates, fueling several years of growth. The worst-case is the market remains niche. Investors will be watching SoFi’s student loan volume trends and commentary on how policies like the SAVE plan are affecting borrower behavior.

– Will SoFi’s Tech Platform Become a Major Growth Driver? – As mentioned, SoFi’s Galileo and Technisys units constitute a strategic bet to become the “AWS of fintech backend.” An open question is how successfully SoFi can grow this third-party technology business. Can Galileo add numerous new clients (neobanks, payment companies) and significantly increase revenue, or is it facing too much competition? Similarly, will Technisys (core banking software) win big bank/fintech contracts, or will its growth stay modest? If the Tech Platform segment accelerates (say, from ~10% growth to 30%+), it could boost SoFi’s overall margin profile because this business has a SaaS-like model. It could also warrant a higher valuation multiple (software revenues are prized). On the flip side, if Galileo/Technisys continue to underperform, SoFi might eventually deemphasize this segment to refocus on its consumer financial services. The jury is still out on whether SoFi can effectively juggle being both a consumer-facing bank and a B2B fintech infrastructure provider. The outcomes range from a fruitful synergy (e.g. insights from consumer business help improve B2B offerings) to a potential distraction. This is a longer-term question, but an important one for SoFi’s narrative beyond lending.

– How Might the Competitive Landscape Evolve? – SoFi’s rise has come partly by out-innovating incumbents (big banks) in areas like digital experience and offering high yields. But competition is intensifying: big banks are slowly upping their digital game and could start to match SoFi’s deposit rates if needed. Fintech peers are also innovating – for example, Apple launched a high-yield savings account with a >4% APY (in partnership with Goldman Sachs) which appeals to some of the same customers. In lending, startups like Upstart focus on AI-driven personal loans, and traditional banks could leverage their cheap funding to offer personal loans at competitive rates. So an open question is, can SoFi continue to differentiate itself and maintain its growth moat? Thus far, SoFi’s “one-stop-shop” strategy (loans, banking, investing, etc., all in one app) and heavy marketing (e.g. naming rights to SoFi Stadium) have built strong brand recognition. But if, say, JPMorgan or Bank of America decides to aggressively court young professionals with similar products, SoFi could face margin pressure or higher customer acquisition costs. Additionally, fintech is fast-moving – today’s edge in crypto investing or payment integration can be tomorrow’s standard feature everywhere. SoFi will need to keep innovating (perhaps in areas like Pay-in-4, small business lending, or deeper financial planning tools) to stay ahead. The open question is whether SoFi’s current lead in fintech banking is defensible long-term, or if competitive forces will gradually chip away at its growth rates and pricing power.

Conclusion

Morgan Stanley’s decision to raise SoFi’s price target is a notable vote of confidence that SoFi’s business is maturing in a positive way – marked by stabilized credit metrics, a stronger macro outlook for consumers, and the company’s own strides into profitability. The deep dive above illustrates why sentiment is improving: SoFi has transformed into a profitable bank-tech hybrid with a massive, low-cost deposit base and multiple growth engines (lending, financial services, tech platform). However, the analysis also makes clear that SoFi is not without significant challenges. The stock’s valuation remains elevated, leaving little room for error in execution. Key fundamental questions – from credit quality resilience to competitive differentiation – will determine whether SoFi can truly live up to the hype that its current stock price implies. In the coming quarters, investors will want to watch for continued profitable growth, prudent risk management, and progress on strategic initiatives (like the tech platform) to justify further upside. Morgan Stanley’s new $13 target (up from $7.50) acknowledges that SoFi’s outlook has materially brightened, but the fact that the rating is still effectively “sell” shows caution is still warranted. In summary, SoFi appears to be on the right track, converting its rapid growth into sustainable earnings, which is exactly what many doubters needed to see. If it can keep that momentum while addressing the open questions and risks outlined above, then SoFi’s story – and stock price – could have much further to run. Investors should stay tuned as 2025 unfolds, to see if SoFi can fully deliver on its promise as a fintech disruptor in banking.

Sources

1. https://nasdaq.com/articles/sofi-technologies-price-target-raised-13-750-morgan-stanley
2. https://sec.gov/Archives/edgar/data/1818874/000181887424000026/sofi-20231231.htm
3. https://investors.sofi.com/news/news-details/2024/SoFi-Technologies-Reports-Q1-2024-Net-Revenue-of-645-Million-and-Net-Income-of-88-Million-Marking-Second-Consecutive-Quarter-of-GAAP-Profitability/default.aspx
4. https://businesswire.com/news/home/20240129860912/en/SoFi-Technologies-Inc.-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Results
5. https://mainstreetdata.com/sofi/transcripts
6. https://reuters.com/business/finance/sofi-shares-fall-after-kbw-downgrade-valuation-concerns-2025-01-02/
7. https://investorplace.com/2024/01/morgan-stanley-just-issued-a-warning-on-sofi-stock/
8. https://investors.sofi.com/news/news-details/2025/SoFi-Reports-First-Quarter-2025-with-Record-Net-Revenue-of-772-Million-Record-Member-and-Product-Growth-Net-Income-of-71-Million/default.aspx

For informational purposes only; not investment advice.