Affirm: Stable Underwriting and Adequate Reserves Support Hold Rating Despite Isolated Delinquency Pressure

BTIG analyst Vincent Caintic has maintained their neutral stance on AFRM stock, giving a Hold rating today.

Vincent Caintic has given his Hold rating due to a combination of factors related to Affirm’s recent credit performance and its limited impact on earnings. He notes that February 2026 trust data show healthier early-stage delinquencies and that newer loan vintages are performing similarly to older ones, suggesting that current underwriting is appropriately tight and supporting stable GMV trends.

At the same time, he highlights rising late-stage delinquencies in certain younger cohorts, likely tied to a specific group of loans originated in 4Q25 that appear to have been underwritten too aggressively. Because these expected losses are believed to be already covered by existing reserves and his estimates remain unchanged, he does not see a near-term catalyst for significant upside, leading him to reaffirm a neutral, or Hold, stance on the stock.

Caintic covers the Financial sector, focusing on stocks such as Upstart Holdings, OneMain Holdings, and Bread Financial Holdings. According to TipRanks, Caintic has an average return of -1.4% and a 42.35% success rate on recommended stocks.

In another report released today, TipRanks – OpenAI also reiterated a Hold rating on the stock with a $46.00 price target.