Apple ‘Pay Later’ should already be reflected in Affirm price, says Mizuho

Mizuho analyst Dan Dolev notes that Apple (AAPL) has rolled out "Apple Pay Later" in the U.S. and reminds investors that the first news about this product occurred nearly two years ago, so the firm contends it "should already be reflected" in Affirm’s (AFRM) stock price. The firm also reminds investors that its proprietary consumer survey suggested that Affirm is less vulnerable than other BNPL providers given more modest customer overlap with Apple Pay and a higher average order value, or AOV. Though "the knee-jerk reaction is understandable," Apple’s move may "only further solidify the BNPL category as legitimate," according to Mizuho, which keeps a Buy rating and $18 price target on Affirm shares.