Piper Sandler analyst Kevin Barker lowered the firm’s price target on SoFi Technologies to $8.50 from $9 and keeps a Neutral rating on the shares following issuance of the quarterly SEC filing and recent commentary from management. The analyst expects SoFi to see a sizable increase in spread income due to a much larger asset base than fiscal 2023, but says these tailwinds will be offset by a $400M headwind from higher NCOs and premium amortization on the personal loan portfolio.
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