Affirm upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Affirm to Hold from Underperform with a price target of $30, up from $9.50. The shares are down 50% decline in shares since February 2022 and many of the factors driving the Underperform rating have played out, the analyst tells investors in a research note. The upgrade is predicated on recent evidence of stabilizing cost of capital and capital markets activity, stabilizing if not improving credit performance, and ongoing momentum in adoption rates for buy now pay later, says Jefferies.