Affirm price target raised to $20 from $13 at BofA

BofA analyst Jason Kupferberg raised the firm’s price target on Affirm (AFRM) to $20 from $13 and keeps a Neutral rating on the shares after having hosted management at BofA’s annual Global Tech Conference last week. Delinquencies have improved sequentially and are performing in-line to better than pre-pandemic levels, benefitting from underwriting tightening, while Affirm also announced an $800M repurchase authorization for its 0% convertible notes due 2026, which the firm thinks signals “strong liquidity,” the analyst tells investors. Affirm noted that the Amazon Pay (AMZN) announcement last week highlights their strong and co-operative working relationship, but BofA doesn’t expect the agreement to “move the needle much” for Affirm in FY24, the analyst added.