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Affirm Holdings Rallies After DA Davidson Upgrade

Investing.com
·1 min read

By Sam Boughedda

Investing.com — Fintech company Affirm Holdings Inc (NASDAQ:AFRM) shares surged 16% Friday on the back of an upgrade by DA Davidson.

Analyst Christopher Brendler upgraded Affirm to buy from neutral, although he lowered the price target to $75 from $110.

Brendler said in a note that he views the company as having a better risk/reward following a "brutal sell-off."

The analyst cited industry data that suggests buy now pay later usage in the U.S. "more than doubled this holiday season."

He added that "combined with Affirm's own amazing retail traction plus Amazon, we see material upside into results." Amazon (NASDAQ:AMZN) has Affirm as a buy now pay later option.

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"Although we still have concerns about credit/valuation (still super expensive for a lender), we see so much estimate upside that we just have to be on board," said Brendler.

Affirm's next earnings report is set to be released on Feb. 10.

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