SoFi Technologies (NASDAQ:SOFI) shares climbed 2.9% on Monday after Citizens analyst Devin Ryan upgraded the fintech firm to Market Outperform from Market Perform and set a new price target of $30.00.
The upgrade follows a pullback in SoFi’s stock to around $21, roughly 20% lower year to date after peaking above $30 late in 2025. Ryan’s revised target implies upside potential of more than 40% from current levels.
“We believe the market’s recent risk-off rotation has penalized higher-growth/’speculative- adjacent’ narratives,” Ryan wrote, commenting on the stock’s recent weakness.
According to the analyst, the sell-off appears driven more by style rotation and technical pressures than by deterioration in near-term macroeconomic conditions, creating an attractive entry point in Citizens’ view.
Ryan pointed to SoFi’s ability to scale efficiently by growing its member base and product offerings while improving monetization across its platform. He also highlighted the company’s accelerating shift toward fee-based, capital-light revenue streams.
The upgrade further cited what Ryan described as SoFi’s “under-modeled optionality” in areas such as blockchain, artificial intelligence, business banking and new loan platform products, suggesting that these longer-term growth drivers are not fully reflected in the current share price.