SoFi Technologies downgraded to Neutral from Buy at BofA

BofA downgraded SoFi Technologies to Neutral from Buy with a price target of $10, up from $9.50. The analyst cites valuation for the downgrade following the stock’s 100% rally in a month. While the student loan payment moratorium is a positive, SoFi’s positive fundamentals are now priced into the shares, the analyst tells investors in a research note. The firm notes the company’s 2023 outlook already assumed the moratorium would expire, making a major earnings revision cycle unlikely. As such, it views SoFi’s risk/reward as more balanced at current levels.