Bank of America said SoFi could be a big beneficiary from an uptick in student loan refinance activity.
Student loan borrowers are set to restart their payments after a three-year reprieve, and Bank of America said SoFi Technologies could be a big beneficiary from an uptick in refinance activity. "We believe the uptick in deposits could also be a sign of increased student loan refinance activity," Bank of America analyst Mihir Bhatia said in a note. "SOFI should benefit from higher student loan refinances given its strong position in the student loan refi market.
mountain SoFI Bank of America said SoFi had about 60% market share in private student loan refi in recent quarters, up from 40% in the pre-pandemic era. The Wall Street firm estimated that SoFi's third-quarter student loan originations will total $1.1 billion, up from $395 million in the second quarter. While Bank of America only has a neutral rating on SoFi, its 12-month price target of $11.50 implies upside of more than 30% from Tuesday's close of $8.75.
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