Truist raised the firm’s price target on SoFi Technologies to $16 from $11 and keeps a Buy rating on the shares after its Q2 earnings. The company’s robust, high-quality results and increasingly credible mainstream banking ambitions firmly place the burden of proof on detractors, the analyst tells investors in a research note. Truist adds that legacy banks are inefficient and suffer duration mismatches, lagging tech and poor demographics.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SOFI:
- Is SoFi Stock Still Worth Buying After Its 130% Rally This Year? Analyst Weighs In
- Notable open interest changes for August 1st
- SoFi downgraded to Underperform from Market Perform at Keefe Bruyette
- SoFi Technologies price target raised to $11.50 from $10 at BofA
- Is SoFi Stock a Buy, Sell, or Hold After Q2 Earnings?