Affirm Holdings

AFRM · NASDAQ

$73.85+$1.05 (+1.44%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $72.80

AFRM analyst rating

BuyConsensus of 30 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy24
Hold6
Underperform0
Sell0

12-month price target · 36 analysts

Average $99.55 (+34.8% upside)

Low: $55.65
Now: $73.85
High: $130.20

Upgrades and downgrades

The latest rating actions, newest first

AFRM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Oct 13, 2026	Maintains	Buy	$115.00 → $103.00	52%
TD Cowen	Oct 6, 2026	Maintains	Buy	$124.00 → $110.00	51%
Freedom Capital Markets	Oct 1, 2026	Maintains	Buy	$105.00	43%
Citizens	Sep 16, 2026	Maintains	Market Outperform	$85.00	56%
Wolfe Research	Sep 14, 2026	Upgrade	Peer Perform → Outperform	$90.00	59%
Loop Capital	Sep 9, 2026	Initiates	Buy	$105.00	54%
Truist Securities	Sep 3, 2026	Maintains	Buy	$83.00 → $85.00	68%
Scotiabank	Sep 2, 2026	Initiates	Sector Outperform	$95.00	19%
Goldman Sachs	Aug 31, 2026	Maintains	Buy	$106.00 → $115.00	52%
Bernstein	Aug 31, 2026	Maintains	Outperform	$100.00 → $110.00	42%

The case for and against

Updated Oct 14, 2026

Bull case

Affirm Holdings is supported by a differentiated BNPL model that monetizes both merchant-subsidized zero-interest plans and, more importantly, interest-bearing loans, which drive the majority of revenue and over 70% of transaction volume. Its fiscal 2025 transaction volume of about $36 billion, average order value near $270, and more than 95% U.S. revenue concentration underscore a scaled core franchise with room to deepen penetration through major partnerships and improving underwriting. The outlook is further strengthened by expectations that agentic checkout can expand conversion for higher-ticket purchases, while funding and margin tailwinds from bank-originated loans, revolving ABS spread compression, and stronger operating leverage support continued earnings growth.

Bear case

Affirm Holdings is vulnerable to cyclical and credit-related downside because its GMV growth and loan performance are tightly linked to consumer spending, which could weaken in a recession or softer consumer environment. As more than 70% of transaction volume comes from interest-bearing loans and these drive most revenue, rising delinquency rates, higher credit losses, and a higher interest rate environment could pressure funding costs and RLTC margins. Additional risk is amplified by customer concentration, since the top four customers account for 40% of Gross Merchandise Volume, while regulatory changes and elevated net revenue yield expectations add further uncertainty.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.