Barclays just raised SoFi's (SOFI, Financial) target to $18 from $12.
They're banking on better card delinquency trends through May, which could mean fewer write-offs when those Q2 numbers hit.
SOFI jumped about 4% after the news and has climbed 40% in the past month. Investors are also buzzing about private-markets fund access—and SoFi's move back into crypto and its planned stablecoin has everyone talking—even if the stock now trades at a sky-high forward P/E nearing 69x.
Barclays still has a Hold rating, pointing out that consumer finance names look pricey right now. Wall Street expects Q2 EPS of $0.06, up from $0.01 a year ago, with revenue around $802 million.
Keep an eye on July 29 when SoFi reports. If delinquencies really are improving and the new products gain traction, that $18 target might start to look pretty reasonable.
