Piper Sandler initiated bullish coverage of SoFi Technologies Inc. on Monday, assigning a $30 price target and an Overweight rating to the stock.
The upgrade reflects the brokerage’s view that SoFi’s diversified product suite, including loans and deposit accounts, has demonstrated robust cross-selling momentum. Analysts highlighted the company’s ability to expand customer relationships beyond traditional lending into broader financial services.
SoFi’s model, which integrates lending, banking and investment services, has gained traction in a competitive consumer finance landscape. The firm’s revenue growth has outpaced peers in recent quarters, supported by higher loan volumes and deposit inflows.
Piper Sandler’s price target implies a premium to SoFi’s current valuation, suggesting confidence in the company’s ability to sustain profitability amid economic uncertainty. The brokerage did not provide a specific timeframe for the valuation, though the rating reflects a long-term bullish stance.
SoFi shares were trading modestly higher in premarket activity following the announcement.
