SoFi Technologies (NASDAQ: SOFI) Receives “Sector Outperform” Rating Amid Digital Expansion

• Scotiabank initiated coverage of SoFi with a “Sector Outperform” rating and a $25 price target, implying about 46.63% upside from $17.05.
• Second-quarter adjusted net revenue rose 40% year over year, while adjusted EBITDA increased 44%.
• Fee-based revenue reached $472.3 million, representing approximately 39% of adjusted net revenue.

SoFi Technologies (NASDAQ: SOFI) is a fintech company offering lending, banking, investing, and technology-platform services. Its broad digital financial platform differentiates it from more specialized competitors such as Upstart and Affirm.

On September 2, 2026, Scotiabank initiated coverage of SoFi with a “Sector Outperform” rating and a $25 price target. Based on the previous closing price of $17.05, the target suggested potential upside of approximately 46.63%.

The rating followed strong second-quarter results. SoFi reported adjusted net revenue of $1.21 billion, up 40% year over year, while adjusted EBITDA rose 44% to $357.8 million. Fee-based revenue reached $472.3 million, accounting for about 39% of adjusted net revenue and supporting the company's effort to diversify beyond lending.

SoFi's Financial Services Productivity Loop also strengthened customer engagement. Existing members accounted for 51% of newly opened products, up from 35% a year earlier. Total membership increased 35% to 15.8 million, while financial-services products grew 42% to 24.4 million.

Following these results, SoFi projected full-year 2026 adjusted net revenue of $4.75 billion to $4.85 billion and adjusted EBITDA of approximately $1.6 billion. However, its Technology Platform segment remained a weak point, with quarterly revenue declining 23% year over year.