Affirm price target raised to $16 from $6 at Stephens

Stephens raised the firm’s price target on Affirm to $16 from $6 and keeps an Underweight rating on the shares. Q2 results beat estimates, Q3 guidance was higher than consensus and FY24 guidance items were also raised, notes the analyst, who was “somewhat surprised” shares were down in after-market trading. The firm’s sense of initial market concerns post-earnings is that implied Q4 guidance is 5% worse than consensus on GMV, leading to 2% lower on revenues, but it notes that the full-year GMV guidance is an “at-least” guidance, meaning there is no upper bound and consensus is “well within the range.”