SoFi stock powered more than 5% higher in Wednesday trading as Bank of America turned bullish on the neobanking company’s shares.
SoFi Technologies Inc.’s stock powered more than 5% higher in Wednesday trading as Bank of America turned bullish on the neobanking company’s shares.
SoFi SOFI, +5.65% was dealing with an “overhang” on student loans as President Joe Biden continued to push out the timing of a loan-payment moratorium, but he announced in late August that the government would forgive $10,000 in loans for borrowers making under $125,000 a year and end the pause on payments at the start of the new year.That move suggests a “light at the end of the tunnel” for SoFi, according to Bhatia.
Increased clarity on the government’s plans “should set the stage for student loan refi originations to resume in late 4Q22 as borrowers begin to receive payment notices from loan servicers,” Bhatia said.Additionally, he thinks SoFi could realize benefits from its marketing around the National Football League, as the company’s name sits atop the Los Angeles stadium where the Rams and Chargers play their games.
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