Analysts lower forecasts for SoFi Technologies after Q2 revenue estimates decline and technology platform growth slows.
Truist analyst Matthew Coad reduced SoFi Technologies’ (NASDAQ:SOFI) price target to $17 from $20, maintaining a Hold rating. The revision reflects lower Q2 revenue estimates and softer expectations for the company’s technology platform segment.
SoFi reported 42.5% year-over-year revenue growth and 134.4% earnings growth in Q1, but its P/E ratio of 34.86 remains elevated. Analyst sentiment is mixed, with 31% rating it a Buy, 50% Neutral, and 19% Bearish.
Earlier, Mizuho’s Dan Dolev cut the price target to $29 from $38, citing reduced estimates despite calling the quarter “solid.”