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SoFi Technologies Drops 2.5% Amid Accounting Concerns and Fintech Market Sentiment

SoFi Technologies (SOFI) stock is experiencing a decline today, influenced by broader market sentiment towards fintech stocks. J.P. Morgan analyst Reginald Smith maintained a Neutral rating on SoFi but raised the price target from $9 to $16, acknowledging the company's potential to become a significant player in the digital banking space. However, Smith highlighted concerns over SoFi's accounting practices, particularly its fair value discount rate assumptions, which are lower than those of its peers. This issue remains a point of contention for investors and may be contributing to the stock's limited upside in the near term.

The current price of SoFi Technologies is $16.00, reflecting a 2.50% decrease from its previous close of $16.41 and a 2.97% drop from its opening price of $16.49.