TECH - Can SoFi Tech Mirror Amazon's AWS Success in Banking? Analyst Opines | Benzinga
Deutsche Bank analyst Mark Devries initiated coverage on SoFi Technologies, Inc (NASDAQ: SOFI) with a Hold rating and a price target of $11.
The re-rating reflected limited visibility on tech platform growth needed to support the valuation.
SoFi was founded initially as Social Finance Inc by four recent graduates to consolidate student loans and reduce effective interest payments.
They have since evolved into an online bank with various personal finance and consumer lending solutions in addition to licensing their infrastructure technology.
Also Read: SoFi Technologies Rallies as It Ups IRA Contributions Match to 2% Ahead of Tax Day
Despite nearly all revenues from consumer lending, SOFI continues to trade much more like a tech ...