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Piper Sandler initiates SoFi with Overweight rating and $22 target
The new coverage highlights SoFi's lending and debt consolidation focus, and points to a 35% membership increase and 43% product adoption in fiscal Q2.
SoFi Technologies shares opened higher Monday after Piper Sandler initiated coverage of the digital financial services company with an Overweight rating and a $22 price objective, implying more than 20% upside over the next 12 months, according to Yahoo Finance.
The analyst, Patrick Moley, framed SoFi as a high-growth personal finance story positioned to benefit from structural shifts in consumer banking as high interest rates keep debt management a priority for households.
Piper Sandler cited SoFi's runway in personal lending and debt consolidation, especially among younger, creditworthy demographics including millennials and Gen Z, along with the company's digital-first platform gaining share from traditional lenders.
The note also pointed to SoFi's multi-product approach, which bundles checking, savings, investment accounts, and credit cards into a single ecosystem. Yahoo Finance reported that Moley said the strategy drove a 35% increase in memberships and a 43% increase in product adoption in fiscal Q2, and modeled a 22% revenue compound annual growth rate and a 27% adjusted EBITDA CAGR from 2026E to 2028E. The outlet added that Barchart’s opinion remained a 16% SELL at the time of writing, while the consensus analyst stance sat at Hold with an incomplete mean price target shown in the excerpt.