BTIG started coverage on SoFi Technologies (NASDAQ:SOFI) with a Buy rating, setting a price target of $14.00 on the shares.

According to the firm, SoFi went public as a SPAC in 2021 and has established itself as a leader in the consumer-focused fintech sector. However, the share price performance does not reflect its leadership position.

SoFi's platform offers a diverse range of products and a user-friendly digital interface, leading to significant user growth and adoption of new products.

The firm expects SoFi to benefit from the successful implementation of the banking charter, resulting in ongoing deposit inflows, margin expansion, member growth, and strong adoption of financial services products. They believe that despite the current low valuation, SoFi's shares have the potential for growth, with projected GAAP profitability by the end of 2023, and additional upside from the end of the student loan payment moratorium.