Reuters
SoFi's stock was last trading at $14.68 and is heading towards a fourth consecutive session of losses, if current levels hold. The downgrade reflects the challenges and higher expectations startups such as SoFi, a digital banking and brokerage app that lets users trade and invest while also offering loans and credit cards, face as they transition into mature financial services providers. A strong economy, lower interest rates and the company's "success driving better scale and profitability... justifies shifting our investment thesis towards a more long-term view of what a mature SoFi looks like," the brokerage said.