SoFi Technologies (NASDAQ:SOFI) shares fell more than 4% intra-day today following a downgrade by Morgan Stanley, which was based on the assessment that the stock is inaccurately reflecting excessive bank profitability.

The analysts downgraded the shares from Equalweight to Underweight, but increased the price target to $7 from $6.50.

The analysts explained that their previous evaluation of the company's value was primarily focused on its growth potential, which exceeded that of most banks and consumer lenders. However, given the evolving nature of SOFI, resembling that of a bank, they now believe it should be valued in a similar manner to a bank.