TD Cowen starts Affirm with Buy on ‘heavyweight partners’

TD Cowen initiated coverage of Affirm (AFRM) with a Buy rating and $50 price target Affirm is one of the top performing buy-now-pay-later brands in the U.S. with a full-suite point of sale lending capability versus peers, and likely the most pro-consumer practices in the industry, the analyst tells investors in a research note. TD also believes the company has more seasoned underwriting capabilities versus peers, given that it started out underwriting longer-term loans first before adding pay-in-four capabilities. Affirm’s slate of “heavyweight partners” in e-commerce, including Amazon and Shopify, “demonstrates its capabilities,” adds TD.