Affirm price target raised to $12 from $10 at BTIG

BTIG raised the firm’s price target on Affirm to $12 from $10 and keeps a Sell rating on the shares. The company posted a second quarter in a row with largely positive quarterly results, coming in ahead of the Street for most metrics, the analyst tells investors in a research note. The firm adds however that while Affirm’s business has a number of strengths, it’s difficult to justify the premium multiple that Affirm carries given the rate of expense growth relative to revenues, a saturated BNPL environment, and declining consumer spend.