SoFi Technologies (NASDAQ:SOFI) saw its shares rise 2.9% Monday morning following an upgrade from Citizens analyst Devin Ryan. Ryan moved his rating from Market Perform to Market Outperform and set a price target of $30.00.
Ryan noted that the stock has pulled back to roughly $21, a decline of about 20% year-to-date after trading above $30 in late 2025. His $30.00 target implies potential upside in excess of 40% from the current share level.
"We believe the market’s recent risk-off rotation has penalized higher-growth/’speculative- adjacent’ narratives,"
In his written analysis, Ryan attributed much of the recent weakness to style factor compression and other technical market dynamics rather than to immediate macroeconomic concerns. That distinction underpins Citizens' decision to raise the rating, with the analyst viewing the pullback as an opportunity to invest in SoFi's expanding franchise.
Ryan highlighted several operational characteristics that support his more constructive stance. He cited SoFi's capacity to compound at scale through rising member counts and an expanding product mix while improving platform monetization. He also pointed to the company's progress diversifying revenue toward fee-based and capital-light streams.
Beyond core consumer finance trends, the upgrade draws attention to what Citizens describes as "under-modeled optionality" across several nascent growth areas. Those areas include blockchain initiatives, artificial intelligence applications, business banking and new loan platform products. Citizens' view is that these optionalities are not fully captured in the current share price.
The upgrade from Market Perform to Market Outperform and the accompanying price target reflect Citizens' assessment that recent market dynamics - specifically a rotation away from higher-growth narratives - have created a valuation window for investors who accept the firm's view on SoFi's multi-product growth trajectory.
Context note: The analyst commentary frames the move as driven by style and technical factors rather than near-term macro worries, and it emphasizes platform monetization, member and product expansion, and a shift toward fee-based, capital-light revenues as central to SoFi's thesis.