This year has been a stellar one for Affirm Holdings (AFRM) investors, as the stock price has delivered 5x returns in 2023. That said, the bulk of these returns have been stacked in the back half of the year, and the rally has only really gained traction in December.
Affirm stock bulls expect the shares to keep rising from these levels, and Mizuho analyst Dan Dolev recently more than doubled his target price on the buy-now-pay-later (BNPL) company to $65, implying a premium of 30.7% over current prices. Meanwhile, Morgan Stanley downgraded the stock to “equal weight,” citing unfavorable risk-reward.
