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Benzinga
Benzinga
Business
Anusuya Lahiri

Mizuho Remains Bullish On Affirm - Read Why

  • Mizuho analyst Dan Dolev revisited its Affirm Holdings, Inc (NASDAQ:AFRM) securitization trust and delinquency tracker. 
  • With the updated data points for Calendar 2Q, trends look slightly less optimistic versus April, noted Dolev. 
  • Data for May shows a slight change from April, as 30- day delinquencies for significant non-0% APR trusts accelerated.
  • On a more positive note, he noticed modest improvements mainly in both trusts' 60- and 90-day delinquency classifications. 
  • He expects the upcoming June data to be the critical determinant of sentiment for AFRM. 
  • Although Dolev remains bullish on Affirm's enterprise partnerships, the multiple reflects the recent double-digit decline in payments/fintech multiples and the rising risk of further delinquencies and charge-offs. 
  • Dolev reiterated a Buy with a price target of $50 (154% upside).
  • Price Action: AFRM shares traded higher by 2.52% at $19.69 on the last check Wednesday.
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