Truist Adjusts SoFi (SOFI) Price Target Amid Mixed FinTech Outlook

SoFi Technologies Inc. (NASDAQ:SOFI) is one of the top credit services stocks to buy amid the US rate cut. On October 24, Truist raised its price target for SoFi Technologies (SOFI) from $23 to $29 while maintaining a Hold rating.

This update was part of a broader research note previewing Q3 earnings across the Payments and FinTech sector. The firm anticipates strong Q3 results, citing resilient consumer spending as a key driver. However, Truist cautioned that Q4 guidance might disappoint for some companies due to challenging year-over-year comparisons following last year’s robust holiday season.

Despite the optimistic outlook for Q3, Truist urged investors to remain discerning when investing in the Payments and FinTech space. The firm emphasized that while certain players may benefit from current consumer trends, the sector’s performance in the upcoming quarter could be uneven. As a result, strategic allocation and careful stock selection will be crucial for navigating potential volatility.

SoFi Technologies Inc. (NASDAQ:SOFI) is a financial services platform that provides a wide range of products, including student loan refinancing, personal loans, home loans, and a banking app. It offers products like SoFi Money, SoFi Invest, and a credit card. SoFi targets tech-savvy consumers with good credit scores by providing user-friendly apps and competitive rates.

While we acknowledge the potential of SOFI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.