A Wall Street analyst believes SoFi Technologies (NASDAQ: SOFI) is set up well to easily exceed its 2023 guidance. Investors are buying in, sending shares of SoFi up as much as 7% on Wednesday morning.

SoFi operates an online-based bank and personal finance company. The company's shares have been sliced nearly in half over the past year as investors fretted about whether SoFi has a real competitive advantage, and on worries about what rising interest rates will do to financial stocks.

Mizuho analyst Dan Dolev apparently believes those fears are overstated. On Wednesday, the analyst raised the firm's price target on SoFi to $9, from $6, and kept a buy rating on the shares. Dolev said the rising rate environment can work in SoFi's favor and provide that competitive advantage that investors have been craving.

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Source Fool.com