SoFi Stock Rises 4% As Needham Analyst Rates the Stock a Buy Rating
Only four Wall Street analysts rate the stock a buy, with the latest bullish call coming in Wednesday. SoFi Technologies Inc. has a relatively small bull camp among Wall Street analysts, but that gang just got a little bit bigger.Needham analyst Kyle Peterson initiated coverage of the financial-technology stock with a buy rating and $10 price target on Wednesday, writing that the company offers a nice balance of growth and profits. Eighteen analysts now cover SoFi's stock , according to FactSet, with four of them holding buy-equivalent ratings, 10 having neutral ratings, and four carrying sell ratings."We view SoFi as a long-term winner in the digital lending/neobank space, largely due to its focus on prime and super-prime consumers and possession of a full banking license, which we believe provides the company superior unit economics compared to other consumer finance platforms that focus on lower income borrowers and/or lack a banking license," Peterson wrote in his report.Shares of