Michael Miller, CFA

Michael Miller, CFA, is an equity analyst for Morningstar.

More From Michael Miller

The growth in net interest income is of particular note, as increasing interest income is a key part of SoFi's strategic plan, and the main motivation behind its bank charter.

No-moat SoFi Technologies reported strong fourth-quarter results with impressive user growth and student loan origination volumes that came in above our expectations for the quarter.

Third-quarter results were weak, with net revenue falling 39% and pretax income declining 69% sequentially.

The strength of Coinbase's performance during the quarter, as well as continued cryptocurrency volatility since end of June, has led us to increase our short-term expectations and increase our fair value estimate to $201 from $194.

More About Michael Miller

Michael Miller, CFA, is an equity analyst, AM Financial Services, for Morningstar*. He covers consumer finance, financial exchanges, and financial-services firms.

Before joining Morningstar in 2020, Miller spent two years at a New York-based investment firm, conducting convertible-bond and asset-class research for the company's risk-management team.

Miller holds a bachelor's degree in economics from Northwestern University's Weinberg College He also also holds a Master of Business Administration from the New York University Stern School of Business.

* Morningstar Research Services LLC (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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