Affirm gains as Wells Fargo upgrades to 'overweight'
Corrects 6th bullet to say MS upgraded to 'equal-weight' not "turned bullish"
** Affirm's AFRM.O shares up 3% premarket to $43.24 after Wells Fargo upgrades buy now, pay later (BNPL) firm to 'overweight" from 'equal weight'
** Brokerage hikes PT by $12 to $52, implying ~24% upside to stock's last close
** AFRM "has clearly demonstrated its right to win" incremental e-commerce checkout market share, Wells Fargo analyst Andrew Bauch writes in note to clients
** Bauch says co's "credit sophistication" rivals any consumer lender in the marketplace, pointing to its "unique and diverse" funding program, and a "dynamic" pricing model to both merchants and consumers leading to "years of +20% growth"
** He cites several growth catalysts over the next year: Apple Pay partnership; easing interest rate cycle benefiting growth capacity and lower funding costs; new markets (B2B and international)
** Earlier this week, Morgan Stanley upgraded AFRM to 'equal-weight', saying compelling offers for higher income spenders coupled with lower regulatory risk to likely improve future earnings potential
** Now, 9 of 19 brokerages rate AFRM "strong buy" or "buy", 9 "hold" and 1 "strong sell" with median PT of $46, per LSEG
** Through Thurs, shares down 14.5% YTD but have rallied sharply from their 2024 intraday low of $22.25 hit in early Aug
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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