Affirm price target lowered to $83 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Affirm (AFRM) to $83 from $90 and keeps an Equal Weight rating on the shares. Building concern around softness in discretionary spending and credit both proved to be overdone, says the analyst, who continues to believe BNPL is a share gainer within e-comm and that Affirm is “leading the charge.” However, this is largely reflected in the multiple, adds the analyst, who trimmed the firm’s target on higher macro uncertainty while acknowledging it has yet to impact Affirm.