There's growth on the horizon for SoFi 's stock, according to Bank of America. The bank on Wednesday upgraded shares of the financial services firm to buy from neutral and boosted its price target to $9 per share from $1 per share. That implies the stock could surge 54% from Tuesday's close. "We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the student loan payment moratorium ending and its high-profile NFL-aligned marketing investments drive user growth and engagement," wrote analyst Mihir Bhatia in a Wednesday note. Because SoFi focuses on high credit quality consumers, it offers investors exposure to fintech and consumer finance without subprime risk, according to Bhatia. That's a key positive against a potential macroeconomic backdrop that may include a recession and weakening consumer health. "As such, we think there could be upside to 2022/23 metrics and shares could re-rate higher as confidence in SOFI's business model and strategy increases," Bhatia said. Student loan overhang gone President Joe Biden's student debt relief plan, which included announcing that payments paused during the pandemic will resume next year, removed a major headwind for SoFi that gives upside to 2022. "Student loan refinance is SOFI's most profitable product and the loan forbearance has been overhang for SOFI both fundamentally (as demand was stymied for a high incremental margin product), as well as, for sentiment as investors remained unsure when demand would resume," Bhatia wrote. Now, with payments set to restart next year, refinancing could pick up in the fourth quarter, according to Bank of America. That could bump up revenues for the end of the year to $16 million and add $11 million to adjusted EBITDA. NFL boost In addition, Bhatia expects SoFi's recognition in the market to grow as it benefits from NFL-affiliated marketing. "SOFI has naming rights for the Los Angeles football stadium and also recently announced a three-year brand campaign with Justin Herbert," wrote Bhatia. "Our analysis indicates interest in the SOFI brand inflects higher on Sundays, particularly when LA teams play home games." New product launches such as options trading, ETFs and lead generation will also boost engagement, according to Bhatia. — CNBC's Michael Bloom contributed reporting.