Amazon customers can now make monthly payments on purchases of $50 or more
Affirm Holdings Inc (NASDAQ:AFRM) is on track to lock in its best ever single-day pop, last seen up 43.5% to trade at $97.42. This comes after it was announced that the finance name is entering into a partnership with Amazon.com (AMZN), that will allow the e-commerce giant's customers to make monthly payments on purchases of $50 or more.
Analysts already seem to love the move, with at least two brokerages hitting Affirm stock with massive bull notes. Specifically, Truist Securities and Mizuho raised their target prices on AFRM to $120 and $110, respectively. The majority of the brokerage bunch was already bullish toward the security coming into today, with six of the nine in coverage rating the stock a "buy" or better.
Today's positive price action has Affirm stock pacing to overcome a 27% deficit accumulated over the last six months. In addition, the equity is set to close above the $95 level for the first time since February. Though the equity boasts significant growth from its May 11 all-time low of $46.50, AFRM still remains slightly below its Jan. 13 debut close of $97.24.