StoneX Issues Buy Rating for SoFi, Citing Revenue Growth and Stablecoins

StoneX has initiated coverage of SoFi Technologies (NASDAQ:SOFI) with a buy rating and a $25 price target. The firm argues that the company’s recent operational performance does not align with its current market valuation. StoneX notes that SoFi shares have struggled, yet the company’s underlying revenue growth and new payment infrastructure indicate potential for the future.

"SOFI's share price is down ~40% this year while its 2Q26 adjusted net revenue grew by more than 40% [year over year]. A 40% price decline alone does not make a stock inexpensive, but such a drop paired with record operating progress and an underappreciated new business line does, in our view," said Mark Palmer, analyst at StoneX, in a CNBC report.

Operational Growth and Market Performance

The difference between SoFi's stock price and its financial metrics has become a focal point for analysts. Year-to-date, SoFi’s stock has declined approximately 40%. This contrasts with its second-quarter 2026 results, which saw adjusted net revenue climb more than 40% compared to the same period in 2025. As of October 16, 2026, the stock is trading at $14.55, down 3.58% for the day.

Stablecoin Settlement as a Growth Catalyst

StoneX points to SoFi’s entry into blockchain-based payment infrastructure as a driver for future valuation. SoFi recently became the first national bank to implement stablecoin settlement across Mastercard's global payments network. Analysts project this initiative could generate an annualized volume of over $25 billion using the company’s SoFiUSD stablecoin.

Stablecoin settlement allows institutions to move value across borders quickly, avoiding the multi-day delays associated with traditional SWIFT-based banking transfers. By integrating this technology into the Mastercard network, SoFi is positioning its platform to capture transaction fees and liquidity management services previously held by specialized crypto-native firms.

Investor Considerations

The initiation by StoneX highlights a debate on Wall Street regarding how to value fintech companies that operate as chartered banks. Traditional banks are typically valued on a multiple of book value or earnings. SoFi’s reliance on revenue growth and technology-led services like stablecoin settlement creates a hybrid valuation model. Investors are weighing whether the company’s expansion into new payment rails justifies a premium over traditional financial institutions, or if macroeconomic headwinds will continue to suppress the stock despite internal operational progress.