SoFi Technologies Shares Slide After Mizuho Trims PT -Breaking
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Sam Boughedda
Investing.com — SoFi Technologies Inc. (NASDAQ:) stock fell 7.6% Tuesday after analysts at Mizuho trimmed its price target, and Goldman Sachs (NYSE:) Goldman Sachs started the stock at Neutral.
Mizuho analyst Dan Dolev reduced the SoFi target price by 40%, to $17 instead of $30
An analyst informed investors in a client letter that the decrease in price target was due “to the impact of warrant redemptions December and our mid-term adj. EBITDA expectations.”
Dolev said that the margin also represents the long-term goals of the management to achieve incremental earnings before interest taxes, depreciation, and amortization.
Michael Ng, analyst at Goldman Sachs, initiated coverage on SoFi. He gave it a neutral rating with a $16 target price.
Ng’s note that “a SOFI charter bank could offer upside flexibility” was positive. However, the comments of the analyst further down would have had an impact on the share price.
His statement was: “With SOFI trading at >10X 2022 EEV/sales we consider SOFI’s growth opportunity to be largely reflected on current valuations.”
SoFi shares currently trade at $12.22.
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