Oppenheimer bullish on Affirm, initiates with an Outperform

As previously reported, Oppenheimer initiated coverage of Affirm (AFRM) with an Outperform rating and $80 price target offering 15% upside potential. The firm argues that Affirm stands out as a leader in the Buy Now, Pay Later space with its advanced underwriting, robust funding strategy, strong merchant relationships, and transparent pricing model. Collectively, these factors should enable ongoing share gains in the fast-growing BNPL market, Oppenheimer adds. Over the next two years, with potential for BNPL market growth in the high-teens to low 20s, the firm expects Affirm will generate at least a mid-20s gross merchandise volume, 20% revenue less transaction fee, and high-20s adjusted operating income CARGRs.