SoFi Technologies Gains Momentum with Analyst Upgrade and Investor Optimism

SoFi Technologies' stock rose by 3% following an analyst upgrade from Mizuho Financial Group, which increased its price target from $14 to $16 and maintained a Buy-equivalent Outperform rating. The upgrade was influenced by higher market multiples in the fintech sector and SoFi's efforts to reduce net charge-off rates. Despite the positive outlook from Mizuho, the stock has a consensus Hold rating among analysts, with an average price target suggesting potential downside risk.