Analysts have mixed reactions to SoFi Technologies Inc‘s (NASDAQ:SOFI) Q2 2023 earnings results.
Yesterday, the company reported an adjusted revenue increase of 37% Y/Y to $488.8 million, beating the consensus of $478.6 million, and loss per share came in at $(0.06), in line with the consensus.
For 2023, the company raised adjusted net revenue to $1.974 billion-$2.034 billion (vs. prior guidance of $1.955 billion-$2.02 billion and consensus of $1.99 billion) and adjusted EBITDA to $333 million-$343 million (vs. earlier guidance of $268 million-$288 million), representing a 40% -44% incremental adjusted EBITDA margin (vs. 30% earlier).
Related: SoFi Technologies CEO Highlights Strong Trends Across Business Following Q2 Earnings: ‘We’re Stealing Market Share’
Keefe, Bruyette & Woods downgraded the stock to Underperform from Market Perform.
BTIG reduced the price target to $13 from $14 at a Buy rating.
On the other hand, Truist Securities raised the price target to $16 from $11 at a Buy rating.
Truist analyst Andrew W. Jeffrey raised EBITDA estimate to $339 million from $291 million (consensus: $289 million) for 2023 and $491 million from $441 million (consensus: $507 million).
Price Action: SOFI shares are trading lower by 8.60% at $10.47 on the last check Tuesday.
