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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.