Affirm upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Reginald Smith upgraded Affirm to Overweight from Neutral with a price target of $43, up from $41. The stock declined more than 9% on Wednesday despite posting another headline and operating margin beat, and offering a better-than- feared fiscal Q4 gross merchandise volume outlook, “which was baffling,” the analyst tells investors in a research note. The firm says the stock is down 35% year-to-date, giving back most of the gains since its analyst day last November, despite reporting meaningful volume and operating margin upside in consecutive quarters, creating an attractive entry point.