Investors should consider buying shares of SoFi Technologies as the Biden administration moves forward with forgiving student loans, according to Mizuho. President Joe Biden announced Wednesday that $10,000 in federal student loans would be forgiven for borrowers making less than $125,000 per year, or $250,000 for married couples. Biden also said that a moratorium on student loan payments would end in December. Mizuho analyst Dan Dolev cited three reasons why this is bullish for SoFi: "The moratorium ends roughly inline to slightly ahead of management's plans." "This could potentially drive an increase in refi demand as was the case in 4Q21." "The cap of $125K eliminates high-earner's incentive to further wait on refinancing." SoFi shares indeed popped as much as 11% on Wednesday after Biden's announcement. They later pared those gains to trade about 4.8% higher. Dolev noted that SoFi management had forecast the moratorium would end in January 2023, so the news moves up the repayment window by one month. He also said that this could result in a "pull-forward in refi demand in 4Q22, similar to what occurred in late 4Q21." Dolev has a buy rating on SoFi. His price target of $8 per share implies upside of nearly 30% from Tuesday's close. SoFi shares have gotten clobbered in 2022, dropping nearly 60% in that time. For the quarter, however, the stock is up more than 22%. —CNBC's Michael Bloom contributed to this report.