BofA upgrades SoFi citing student loan payments, NFL partnerships

Analysts at Bank of America have turned bullish on shares of SoFi (SOFI).

The bank on Wednesday upgraded shares of the company to Buy from Neutral, boosting their price target to $9 per share from $8 per share on the heels of the student loan payment moratorium ending and its NFL partnership.

“We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the student loan payment moratorium ending and its high-profile NFL-aligned marketing investments drive user growth and engagement,” analyst Mihir Bhatia wrote in a Wednesday note.

Shares of SoFi were up about 3.5% to trade near $6 on Wednesday afternoon; the stock has fallen over 65% this year.

‘Light at the end of the tunnel’

Last month, President Joe Biden announced he would extend the current moratorium on student loan payments for four months, bringing the pause into next year.

Student loan payments have been on pause since March 2020, when the CARES Act was passed by Congress. Loan payments…

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