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It’s time to step to the sidelines on SoFi Technologies after its recent run-up, Bank of America says. Analyst Mihir Bhatia downgraded SoFi to neutral from buy, saying the optimism around the stock has largely run its course. Investors expect the expiry of the student loan payment moratorium will be a positive for the stock. SOFI 1D mountain SoFi shares 1-day “SoFi Technologies (SOFI) shares are up 100% over the past month vs. a 7% increase in the S & P 500, mainly because the debt deal brought certainty that the Federal Student Loan payment moratorium would end in September,” Bhatia said. “While we agree the payment moratorium expiry is a positive, we now see the positive fundamental aspects of the story as largely priced in,” Bhatia added. Despite the downgrade, Bhatia did raise his price target on SoFi to $10 from $9.50 per share, which is about 5% above where shares closed Thursday, at $9.55. SoFi shares dropped 6.6% in Friday premarket trading. The analyst said he still expects SoFi will post a profit in its fiscal fourth quarter and will continue to attract more members and grow deposit balances. “We also note that SOFI’s 2023 outlook already assumes the moratorium would expire and we do not expect a major earnings revision cycle,” Bhatia said. “As such, we view risk-reward as more balanced at current prices and downgrade to Neutral.” —CNBC’s Michael Bloom contributed to this report.
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