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.
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