Affirm price target lowered to $13 from $16 at Piper Sandler

Piper Sandler analyst Kevin Barker lowered the firm’s price target on Affirm to $13 from $16 and keeps a Neutral rating on the shares following the fiscal Q2 earnings report. The drop in the target reflects a near-term slowing of growth and a higher discount rate on forward earnings due to greater uncertainty on the company’s trajectory, the analyst tells investors in a research note. The stock is indicating down 20% post earnings, which is to be expected given the stock was up 65% year-to-date and Affirm guided down on revenue and gross profit while reducing its workforce by 19%, Piper says.