Should You Buy the Dip in SoFi Stock?
Financial services businesses aren't exactly the most exciting. However, banks and brokerage stocks have proven to be solid investment choices over a long-term horizon.
In fact, billionaire investor Warren Buffett has held positions in financial services companies, including American Express, Visa, Mastercard, and Bank of America, for years. The main reason for his conviction is that despite the mundane nature of these businesses, they tend to generate steady cash flow and strong earnings in the long run.
Like many industries, innovative technology has started to make its way into traditional banking. One company that I see as a leader in financial technology is SoFi (NASDAQ: SOFI). However, considering shares are down nearly 30% so far this year, you might think SoFi is a bust.Let's break down why now looks like a great time to buy the dip in SoFi stock and begin building a long-term position.
Source Fool.com
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As a result the target price of 279 € shows a slightly positive potential of 11.07% compared to the current price of 251.2 € for Visa Inc. A.
