Affirm Stock Rises After Partnership with Target

In the last six months, AFRM has added 90%

Digital Content Manager
Oct 7, 2021 at 10:02 AM
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The shares of Affirm Holdings Inc (NASDAQ:AFRM) are up 1.8% at $136.14 this morning, after the buy now, pay later (BNPL) company yesterday announced a new partnership with Target (TGT) just in time for the holiday shopping season. The retailer is investing in financial tools to make the shopping experience flexible and personalized to guests’ needs, according to Target's President of Financial and Retail Services Gemma Kubat. 

The equity surged to its highest trading level in roughly seven months yesterday, though shares still fell short of a Feb. 10, record high of $146.90. Nonetheless, Affirm stock is up more than 160% since going public in January with an initial public offering (IPO) price of $49 per share, and has had support from the 30-day moving average since August. Over the last six months, AFRM has added 90%.

Despite its strong chart performance, analysts are still split towards the security. Of the 10 in coverage, six carry a "buy" or better rating, while the remaining four say "hold" or worse. Plus, the 12-month consensus target price of $114.54 is a 12.9% discount to last night's close, indicating the equity may be overdue for a round of upgrades and/or price-target hikes.

 

 

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