Affirm (NASDAQ:AFRM) stock is getting a boost on Friday from a new price prediction for the fintech company’s shares.
D.A. Davidson analyst Christopher Brendler is behind today’s news as he increases his price prediction for Affirm stock to $75 per share. For the record, the analyst consensus price target for AFRM stock is $119 per share.
The good news for Affirm stock today doesn’t just stop with a new price prediction. Brendler also upgraded the stock to buy from a neutral rating. That matches the current consensus, which is based on 15 analyst ratings.
So why is the D.A. Davidson analyst taking such a bullish stance on AFRM stock? Let’s see what Brendler said in a note to clients obtained by Seeking Alpha.
“After a brutal selloff, we see a much-improved risk/reward in shares of AFRM, especially given our bullish view into results.”
The new rating and price prediction for Affirm stock are reigniting interest in the company today. As a result, we’re seeing heavy trading today. With that comes some 16 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 10.6 million shares.
Affirm is a financial tech company with a big focus on offering installment loans. These allow customers to make point-of-sale purchases and setup payment installments instead of paying full price for a good right then.
AFRM stock is up 14.1% as of Friday afternoon but is still down 38.9% since the start of the year.
Investors looking for more recent stock market news for Friday are in the right place!
InvestorPlace offers daily coverage of the stock market and today is no different. News worth looking into Friday includes what’s happening with steel stocks, details on Knightscope (NASDAQ:KSCP) as its soars following its initial public offering (IPO) yesterday, as well as what our experts have to say about SoFi Technologies (NASDAQ:SOFI) stock. You can get up to speed on all of these stories by following the links below!
More Stock Market News for Friday
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- Knightscope IPO: 15 Things for Potential KSCP Stock Investors to Know as Shares Surge
- SOFI Stock Oversold? What the Pros Think About SoFi Technologies
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.