Citi analyst Andrew Schmidt raised the company’s numbers price target on SoFi Technologies (SOFI) from $11 to $12.50 and maintains a Buy rating on the stock. The company says the conditions for continued positive sector performance remain in place for the FinTech group heading into the Q3 reports. Citi believes that a relatively benign macro environment to date, stable to lower interest rates, smoother fund flows, improving sentiment on multiple caps and larger cap transitions, and further increases in profitability could better support stock valuations. Analysts’ stock preferences “are shifting further along the risk spectrum, consistent with the new sector phase.”
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