Affirming stock price forecast: Analyst’s upgrade gives AFRM a boost today
To assert (NASDAQ:AFRM) the stock gets a boost on Friday thanks to a new price prediction for shares of the fintech company.
DA Davidson analyst Christopher Brendler leads today’s news as he raises his price forecast for Affirm stock to $75 per share. For the record, the analyst consensus price target for AFRM shares is $119 per share.
The good news for Affirm stock today doesn’t end with a new price prediction. Brendler also upgraded the stock to buy from a neutral rating. This matches the current consensus, which is based on 15 analyst ratings.
So why is the DA Davidson analyst taking such a bullish stance on AFRM stocks? Let’s see what Brendler said in a note to clients obtained by Looking for Alpha.
“After a sharp sell-off, we are seeing considerable improvement in the risk/reward profile of AFRM stocks, especially given our bullish earnings view.”
The new rating and forecast for Affirm stock prices is reigniting interest in the company today. As a result, we are witnessing intense exchanges today. With that, some 16 million shares are changing hands at the time of writing. To put that into perspective, the company’s average daily trading volume is around 10.6 million shares.
Affirm is a fintech company focused on providing installment loans. These allow customers to make point-of-sale purchases and set up payment installments instead of paying full price for a good at the time.
AFRM stock is up 14.1% on Friday afternoon but is still down 38.9% year-to-date.
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.