SoFi’s stock gains as a onetime skeptic changes his tune

SoFi Technologies Inc. shares saw muted gains Monday after the company delivered an upbeat earnings report, but they were enjoying a far stronger rally Tuesday.

Morgan Stanley’s Jeffrey Adelson had established an underperform rating on SoFi’s stock back in July, but he moved to equal weight in a Tuesday note to clients. Adelson still worries that revenue expectations for SoFi are too high, but he left Monday’s report feeling more upbeat about the company’s capital position after its disclosure of a $2 billion forward-flow agreement.

“The newly announced loan sales started earlier than we expected and are a good sign can reduce the capital intensity of the business,” Barker wrote, while maintaining a neutral rating on the stock and a $9 target price. “We estimated could sell $3.2 of personal loans in 2024.” Don’t miss: Big Tech earnings have been strong, but Apple is about to answer the thousand-dollar question

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