KBW가 SoFi Technologies 투자의견을 저평가로 하향
목표주가를 8달러로 설정 (현재 주가의 절반 수준)
주가는 10월 이후 2배 가까이 상승했으나, 현재 4거래일 연속 하락
2025년 예상 실적 기준 P/E가 69배로, 디지털 대출업체 중간값 12.2배 대비 매우 높음
Opinion
SoFi는 디지털 뱅킹과 대출 서비스를 제공하는 핀테크 기업으로 성장하고 있지만, 현재 밸류에이션이 과도하게 높다는 우려가 제기되고 있습니다. 특히 2026년 주당순이익 전망치와 20-30%의 자기자본이익률 목표 달성이 어려울 것이라는 분석이 나오고 있습니다. 경제 상황이 양호하고 금리 하락이 예상되는 상황에서도 현재의 높은 밸류에이션은 부담으로 작용할 것으로 보입니다.
Core Sell Point
SoFi의 과도한 밸류에이션과 도전적인 장기 목표에 대한 우려로 KBW가 투자의견을 하향
Jan 2 (Reuters) - Shares of SoFi Technologies (SOFI.O), opens new tab fell 6% on Thursday after KBW downgraded its stock on concerns over the fintech firm's lofty valuation and ambitious financial targets, further cooling a months-long rally.
Analysts at the brokerage firm rated the stock "underperform" and established a price target of $8 — nearly half of SoFi's last closing price.
The move reflects the challenges and higher expectations startups such as SoFi, a digital banking and brokerage app that offers loans, credit cards and investing services, face as they transition into mature financial services providers.
A strong economy, lower interest rates and the company's "success driving better scale and profitability... justifies shifting our investment thesis towards a more long-term view of what a mature SoFi looks like," the brokerage said.
"The stock's valuation has become overstretched across a wide matrix of multiples."
Earnings per share forecasts for 2026 and the company's long-term target for a 20%-30% return on tangible common equity (ROTCE) will be tough to achieve, the brokerage added.
Shares were last trading at $14.53 and are heading towards a fourth consecutive session of losses, if current levels hold. As of last close, they had nearly doubled since October.
The company trades at 69 times expected earnings for 2025, while the median for consumer digital lenders is 12.2 according to KBW.
SoFi did not immediately respond to a request for comment.
