The firm moved its rating to underperform from market perform.
Investors should sell their SoFi holdings after the stock has more than doubled in just a few months, KBW said. Analyst Michael Perito downgraded the financial technology stock to underperform from market perform while simultaneously hiking his price target for shares by $2 to $7.50. Still, Perito's new price target implies shares could tumble 34.5% from where they finished Monday.
mountain SoFi's 2023 And while there may not be a near-term catalyst to the downside, Perito said the risks can outweigh the rewards when it comes to earnings. Those risks are tied to pressured loan fair values, higher hedging gains or an external infusion of capital. "Overall, we believe investors face a unique set of risks this early on in such a high-growth story, and see the upside/downside as negatively biased after recent outperformance in 2Q23," he said.
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