SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading higher Thursday. The United States Supreme Court declined to revive the Biden administration's student debt relief plan Wednesday.
Shares of student loan servicers including SoFi are trading higher following the court's decision.
The court's denial is a potentially positive development for SoFi, as it stood to lose revenue from interest payments and loan origination fees if student loan forgiveness or deferment resulted from the SAVE plan.
The Details:
The Supreme Court rejected a Biden administration plea Wednesday that sought to revive the Savings on a Valuable Education (SAVE) plan to provide relief to borrowers with federal student loan debt. The court denied an emergency request filed by the administration to lift a nationwide injunction imposed by an appeals court.
SOFI Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of SoFi Technologies have an average 1-year price target of $9, representing an expected upside of 10.02%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on SoFi Techs, while 3 analysts have bullish ratings. The street high price target from Needham is $10, while the street low from Keefe, Bruyette & Woods is $7.
SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 9.41% at $8.19 at the time of publication Thursday.
