BTIG initiates fintech coverage with Buy ratings for SoFi, Upstart, and PayPal

BTIG analyst Lance Jessurun initiated coverage of several fintech firms, including PayPal, SoFi Technologies, and Upstart Holdings, with Buy ratings, citing a preference for names tied to recurring IT spend. SoFi and Jack Henry & Associates are most favored, with SoFi well-positioned to succeed against a gloomy consumer financial spending outlook. Affirm is the only stock that nabbed a Sell rating due to its exposure to discretionary spending and expense growth outpacing revenues.