Affirm price target raised to $28 from $24 at Truist

Truist raised the firm’s price target on Affirm to $28 from $24 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 earnings in FinTech. Many of the firm’s covered names are slumping, and while broadly constructive, Q3 results may not be catalysts for some of its “favorite laggard ideas”, the analyst tells investors in a research note. Truist also believes that the challenges, including competition, commoditization, price pressure, and investments needed to move up-market and into more complex SMBs will not quickly abate. The firm adds however that the “Buy-Now-Pay-Later” option is a viable and durable credit and debit card substitute that is here to stay, even though rising long-term interest rates have stalled Affirm’s recent run.