SAN FRANCISCO, September 3, 2026, 02:39 PDT — Shares of SoFi gained 4.6% after a $25 price target called attention to the company’s growing emphasis on fee-based revenues.
- SoFi finished Wednesday at $17.84, rising 4.63%, before slipping to $17.66 in early premarket trading.
- Scotiabank initiated coverage with a Sector Outperform rating and set a price target of $25, representing a 40.1% premium over Wednesday’s closing price.
- Fee-based revenue totaled $472.3 million, and SoFi projected $712.6 million in annualized savings from deposit funding.
Shares of SoFi Technologies Inc. NASDAQ:SOFI rose 4.63% to $17.84 on Wednesday. The stock advanced after Scotiabank initiated coverage with a Sector Outperform rating and set a price target of $25 Scotiabank coverage report.
The target suggests a potential 40.1% increase from the latest close. This forecast assumes SoFi will be valued as a broader platform, rather than as a cyclical lender.
The stock started trading at $17.05, climbing to a high of $17.94. Trading volume totaled 40.49 million shares, under the average of 44.49 million MarketBeat. This puts greater focus on the rerating narrative rather than just turnover.
SOFI retraced part of Wednesday’s rebound
Daily closes in dollars; the final orange point is Thursday premarket.
Shares slipped to $17.66 as of 05:38:49 EDT on Thursday, falling 1.0% in premarket trading. The stock stayed 7.9% lower than its August 27 closing price.
Scotiabank focuses its outlook on an expanding earnings composition. In the most recent quarter, fee-based revenue amounted to $472.3 million, accounting for 39% of total revenue. This marks a 22% increase from the previous quarter SoFi’s SEC-filed results.
Deposit funding carries a 1.56-point cost edge
cheaper
Quarter ended June 30, 2026. Source: SoFi SEC filing.
Deposits accounted for over 90% of average liabilities, with their rate running 156 basis points under warehouse funding. SoFi estimated annualized interest savings from this at $712.6 million.
Adjusted net revenue increased by 40% to $1.21 billion. Adjusted EBITDA rose 44% to $357.8 million, resulting in a 30% margin. GAAP net income totaled $156.6 million.
Chief Executive Anthony Noto described the quarter as “a clear inflection point.” The average number of products per member was 1.54, with 51% of new products opened by current users.
Quarterly segment revenue shows an uneven platform shift
GAAP net revenue; year-over-year change; quarter ended June 30, 2026. Source: SoFi SEC filing.
The mix remains inconsistent. Lending revenue increased by 63%, but Technology Platform revenue declined by 23%. Contribution margin from Financial Services slipped six points to 46%.
Analysts still split on the rerating
Ratings and targets available September 3, 2026. Sixteen-analyst three-month panel. Source: Google Finance.
The wider group of analysts is still wary. According to Google Finance, there are seven buy ratings, six holds, and three sells. The consensus price target stands at $20.57, which is considerably under Scotiabank’s projection.
Management’s next scheduled appearance is at the Goldman Sachs Communacopia conference on September 8 SoFi Investor Relations. Any fresh details on loan sales or funding presented there may challenge the latest thesis.
Risks: Increases in benchmark yields may weigh on loan fair values and drive up funding costs. Expanding balances could lead to higher credit losses. A decline in Technology Platform performance or narrower Financial Services margins could further threaten the $25 scenario.
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