Affirm Holdings Could Push Even Higher Heading into 2024

Buy now pay later (BNPL) stocks, like Affirm (AFRM) could see higher highs, we said on Nov. 28.

At the time, AFRM traded at around $30. Today, it’s up to $51.14 and could push even higher.  All after expanding its relationship with Walmart, which will allow consumers to use BNPL at self-checkout at more than 4,500 U.S. stores.

“Recent Affirm research revealed that more than half of Americans (54%) are looking for retailers to offer a buy now, pay later option at checkout,” Affirm’s senior vice president of revenue Pat Suh said, as quoted by NBC. “Moreover, we’ve found that 76% of consumers would either delay or not make a purchase without Affirm.”

Helping, Bank of America just raised its price target on AFRM to $27 from $25. Mizuho also raised its price target to $30 from $24, noting the company “currently enjoys a small penetration of a massive total addressable market, rapid product innovation and adoption like the Affirm Card and transactional accounts, and a clear plan to more than doubling gross merchandise volume over the medium-term,” as reported by TipRanks.com.

Last checked, AFRM traded at $51.08 – up $7.38 on the day.

Volume spiked to 43.5 million, as compared to its daily average volume of 18 million.