On August 19, SoFi Technologies Inc. rose 5.15% in regular trading, trading at $18.515/share with turnover of $259 million. The rally was driven by Piper Sandler initiating research coverage on August 18 with a Buy-equivalent Overweight rating and a $22 target price, implying approximately 18.5% upside from current levels.

The research note highlighted that SoFi's digital-first platform continues to capture market share from traditional banks, stating that its expanding product flywheel is operating effectively. Piper Sandler also cited the company's large base of high-quality customers in credit cards and student loan refinancing as a significant untapped growth opportunity. The bullish initiation follows a solid Q2 earnings report in late July, where adjusted EPS of $0.12 beat the $0.11 consensus estimate and revenue of $1.22 billion exceeded expectations of $1.11 billion, with full-year adjusted net revenue guidance raised to $4.75-$4.85 billion versus the prior $4.66 billion outlook.

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