SOFI - SoFi Technologies Stock: Buy The Dip
2024-03-14 05:42:52 ET
Summary
- SoFi's Q4 results showed impressive growth in total net revenue and net income, exceeding market expectations.
- SoFi's CFO expects the Financial Services business to grow by 75% and the Tech Platform segment to grow by 20% in FY2024, indicating strong future growth potential.
- ~30% of all products purchased so far have come from existing members - this is beneficial because it means the company doesn't have to spend more money on customer acquisition.
- Despite the existing risks, I believe that the SOFI stock has an upside potential of 67% over the next 2 years if the company doesn't change its development path.
- Therefore, I've decided to reiterate my previous "Buy" rating this time around and recommend initiating a long position on the current dip.
Introduction
I initiated coverage of SoFi Technologies, Inc. ( SOFI ) stock i n January 2023 with a "Buy" rating, stating at the time that the company was an interesting growth story for long-term investment and had a medium-term upside potential of over 30-50%. ...
SoFi Technologies Stock: Buy The Dip