Truist Financial lowered its price target for SoFi Technologies to $17 from $20 after the company reported record first-quarter 2026 loan originations, a move that put the Sofi stock price back under pressure even as the business kept growing fast.
The cut came from Matthew Coad, who said he expects weaker second-quarter revenue from the loan platform segment. That is the part of the story investors are trying to reconcile right now: SoFi just originated $12.2 billion in combined personal, student and home loans in the first three months of 2026, up 68% from a year earlier, while adjusted net revenue rose 41% and membership increased 35% to 14.7 million.
Those numbers would normally strengthen the bull case. SoFi also added $3.6 billion in new commitments from capital markets partners to help fund personal loans, and loan platform originations jumped 90% from the first quarter of 2025. For a company that has long been discussed as an expensive stock, that kind of growth is exactly what supporters have been waiting to see.
But the technology platform side is dragging in the other direction. Revenue in that segment fell 27% to $75 million, a decline tied to the loss of an important client, and the number of accounts there was down 16% from the first quarter of 2025. Even so, that business still made up less than 7% of total sales, which helps explain why the market can look past it and still focus on lending.
The disconnect matters because the valuation leaves little room for disappointment. SoFi shares trade 44% below their peak and at a forward price-to-earnings ratio of 29.6, so investors are paying up for future growth even after the pullback. If second-quarter revenue does come in lighter than hoped, the stock may keep reacting to the lending cycle and the company’s ability to keep deposits and originations moving higher, not to the smaller tech platform alone.
SoFi is also preparing to rebrand that segment as SoFi Technology Solutions, with Anthony Noto saying the new name reflects a broader set of products for enterprise clients across four platform businesses. That gives the company a cleaner story to tell, but the next test is whether lending can keep doing the heavy lifting while the technology business steadies after the client loss. For now, that gap between strong operating growth and a lower analyst target is what will shape the Sofi stock price most.
