Analyst Jeffrey Adelson downgraded the financial stock to underweight.
SoFi Technologies is worth selling as it acts more like a full-fledged bank, according to Morgan Stanley. Analyst Jeffrey Adelson downgraded the financial stock to underweight while raising his price target by 50 cents to $7. Still, Adelson's raised price target implies shares could tumble 23.9% in the next year from Wednesday's close. "We previously valued SOFI on a growth-adj.
Now, he sees a skewed risk-reward balance, with a nearly 70% downside to the bear outlook paired with the potential for a 30% upside on the bull case. Unlike many banks, net charge-offs, which looks at the ratio between loan losses to the total given for borrowing, can flow through to SoFi's revenue. Net interest margin and fee income could also be pressure this year, he noted.
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