Keefe Bruyette analyst Timothy Switzer lowered the firm’s price target on SoFi Technologies to $7 from $7.50 and keeps a Market Perform rating on the shares. The firm’s credit performance analysis of SoFi’s personal loan portfolio indicates that the steep rise in NCOs over the last year-plus is likely to accelerate significantly in Q2, the analyst tells investors in a research note. The firm noted that it does not believe all investors are expecting the magnitude of the NCO acceleration that the firm projects.
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