Stock Track | SoFi Technologies Plummets 5.1% After Analyst Downgrade Citing Valuation Concerns
SoFi Technologies Inc. stock plummeted 5.1% in pre-market trading on Thursday, following a downgrade by Keefe, Bruyette & Woods analysts. The fintech company's shares were downgraded to "Underperform" from "Market Perform," with KBW raising its price target to $8 from $7.According to KBW analyst Timothy Switzer, the downgrade was driven by concerns over SoFi's valuation. Despite the stock's strong performance in 2024, rising by over 50%, Switzer argued that the valuation has become "overstretc