SoFi Technologies may be down on the year, but a fresh endorsement from Piper Sandler suggests the fintech is gearing up for a significant rebound.

Analyst Patrick Moley launched coverage of SoFi with an Overweight rating and $22 price target, suggesting shares could rise 19% from current levels. SoFi ticked up 0.7% to $18.43 on Monday.

Central to Moley's argument is that SoFi is successfully executing its CEO's vision of becoming a financial "one-stop shop." By venturing beyond its roots in lending, the company has established an ecosystem encompassing banking, investing, credit cards, and insurance -- "all designed to deepen engagement over time," Moley wrote.

That trend already has been showing up in the numbers. CEO Anthony Noto told Barron's that existing members accounted for more than half of all new products opened in the second quarter. Moley believes this trend positions SoFi to capture a growing share of each member's financial life, "driving lifetime value higher and reinforcing the durability of the platform."

The catch is that Moley's optimism runs counter to Wall Street consensus. SoFi stock is mostly Hold-rated on Wall Street, according to a FactSet poll of 27 analysts. Thirteen firms are sidelined on the stock, while five rate it at Sell. Just nine rate it at Buy.

Moley's bullish call also comes as the stock remains down nearly 30% this year, heavily underperforming the broader market. However, shares have surged 18% over the past three months, a rally that quietly kicked off in late May without an obvious catalyst.

The recent move has offered investors some relief after a tumultuous start to the year, including the fallout from a short-seller report accusing SoFi of running a "financial engineering treadmill" that enriched leadership while diluting shareholders.

That report, and subsequent accusations that SoFi's team had refused to engage, arrived at a time when macroeconomic concerns were already weighing heavily on an out-of-favor fintech sector.

Moley himself concedes that the macro backdrop, specifically fears of rising inflation and potential rate hikes, may give investors pause. Still, he believes the year-to-date pullback has created an attractive entry point. If the core of any bull case is simply believing a stock will rise, that is precisely his bet.

SoFi's target audience is part of the argument. Moley believes the company has strong positioning in lending and debt consolidation targeting what he calls "a younger, creditworthy demographic," in their late 20s to early 40s, rather than underbanked or subprime borrowers.

Moley noted that this group carries heavy credit card and student loan balances at high interest rates. With SoFi offering annual percentage rates up to 50% lower than typical credit cards, the company sits on a massive market opportunity for debt consolidation as rates reprice.

Looking ahead, Moley believes the company can regain further ground by capturing refinancing business from high-earning, prime-credit millennials. Credit card and student loan refinancing, he noted, are "two products that align closely with the liability profile" of the company's target borrowers.

Wall Street, as a whole, may need some convincing. But Moley has placed his bet squarely on SoFi, arguing that the fintech "deserves a premium multiple to peers." Whether the broader market is ready to pay top dollar remains to be seen.