Bernstein initiated coverage on Affirm Holdings with an Outperform rating. The firm established a $100 price target for the buy-now-pay-later provider. Analysts project a 28% compound annual growth rate for Gross Merchandise Volume from 2026 to 2029.
Affirm currently serves approximately 27 million users. The company’s network includes 515,000 merchants. The Affirm Card now generates 18% of total Gross Merchandise Volume. Bernstein expects significant growth as the card penetrates the existing customer base.
The firm forecasts a GAAP EPS of $4.11 by 2029. This projection is 10% higher than the current analyst consensus. Bernstein highlighted unique tailwinds for Affirm despite general market skepticism toward the fintech sector.