Bread Financial downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Bread Financial (BFH) to Underweight from Neutral with an unchanged price target of $72. The company continues to see slow organic volume and receivables growth, the analyst tells investors in a research note. The firm believes Bread’s private label business is losing market share to tech-forward, flexible financing options like buy-now-pay-later while the co-branded space remains “fiercely competitive.” JPMorgan recommends a long Affirm (AFRM), short Bread Financial pair trade over the next six-months.