Affirm downgraded to Neutral from Buy at BTIG

BTIG analyst Vincent Caintic downgraded Affirm (AFRM) to Neutral from Buy without a price target BTIG worries that Affirm will continue to experience Revenue Less Transaction Costs margin pressure like they experienced last quarter, while at the same time not showing accelerating GMV growth, the analyst tells investors in a research note. Increased competition, not only from the traditional credit cards, but also the other fintechs like Buy Now Pay Later, will require Affirm to accept lower margins than what the bull case would require, the firm argues.