Susquehanna upgraded Affirm (AFRM) to Positive from Neutral with an unchanged price target of $65. The company’s fiscal Q3 report came in well ahead of expectations, the analyst tells investors in a research note. The firm says that while the shares are 33% from their peak in February and 13% year-to-date, the results came in well ahead “due to a variety of factors.” Management also shared a recession scenario analysis where even if its credit stress increased by 50%, gross merchandise volume growth would still be in the mid-20s percentage range, Susquehanna points out. The firm highlights adoption of the Affirm card, the company’s unique partnerships and strength in merchant-funded products.
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