JPMorgan keeps an Overweight rating on Affirm (AFRM) after the company announced a deal with Apple Pay (AAPL) that will make Affirm’s payment products available to Apple Pay users in the U.S. later this year. JPMorgan estimates Apple Pay accounts for a high single digit percent of U.S. e-commerce volume, and its April survey work found that Apple Pay was the preferred digital wallet for 23% of those surveyed in the U.S., and increasingly gaining share. Affirm “seemingly pulled a rabbit out of the hat with this deal,” as JPMorgan had all but ruled out the possibility of Affirm signing another partner with Apple Pay’s scale, the analyst tells investors in a research note.
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