Affirm Holdings, Inc. AFRM shares are trading lower Wednesday following bearish analyst coverage from Wedbush.
Wedbush analyst David Chiaverini initiated coverage on Affirm with an Underperform rating and announced a $15 price target.
David Chiaverini noted four concerns:
- Affirm’s path to GAAP profitability
- Increasing competition in the buy now, pay later space
- industry forecasts calling for slowing e-commerce sales (which drive Affirm’s gross merchandise volume, or GMV)
- It's ability to cover its cost of capital as funding costs increase
Affirm Holdings operates a platform for digital and mobile-first commerce in the United States and Canada.
AFRM Price Action: Affirm shares have a 52-week high of $176.65 and a 52-week low of $13.64.
The stock was down 5.05% at $23.12 at press time, according to data from Benzinga Pro.
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