Analyst James Faucette downgraded the online payments stock to equal weight from overweight. He also slashed his price target to $15 per share from $46.
It's time to step to the sidelines on Affirm following its disappointing earnings results this week, according to Morgan Stanley. Analyst James Faucette downgraded the online payments stock to equal weight from overweight, saying the scope of Affirm's offerings are too narrow. He also slashed his price target to $15 per share from $46. The new target implies upside of more than 12%.
mountain AFRM falls The downgrade comes after Affirm announced Wednesday that it's slashing 19% of its workforce , with CEO Max Levchin saying in a message to employees that the firm "consciously hired ahead of the revenue required to support the size of the team" during the early part of the pandemic. However, he said "everything changed in mid-2022" as rising interest rates and slowing consumer spending raised the cost of Affirm's borrowing.
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