Affirm price target raised to $30 from $24 at Mizuho

Mizuho raised the firm’s price target on Affirm (AFRM) to $30 from $24 and keeps a Buy rating on the shares following the investor day. Like Tesla’s (TSLA) beginning, Affirm “currently enjoys a small penetration of a massive” total addressable market, rapid product innovation and adoption like the Affirm Card and transactional accounts, and a clear plan to more than doubling gross merchandise volume over the medium-term, the analyst tells investors in a research note. The firm believes these features merit a re-rating of the shares. The Affirm Card is a “great success thus far,” with over 500,000 active users as of October, “marking a very quick ramp,” contends Mizuho.