Affirm Holdings, Inc. (AFRM) stock is soaring 5.13% in pre-market trading on Wednesday, following the announcement of an accelerated global expansion of its partnership with Shopify and positive analyst coverage.
The fintech company, known for its "buy now, pay later" solutions, revealed that Shop Pay Installments, powered by Affirm, will be available to all Shopify merchants in Canada and the UK this summer. This marks the first step in their international rollout, with plans to expand to Australia and Western Europe in the near future. The expansion is expected to drive growth for both companies by offering flexible payment options to a broader consumer base.
Adding to the positive sentiment, Evercore ISI initiated coverage of Affirm with an Outperform rating and a $50 price target. This follows recent bullish ratings from other firms, including BMO Capital Markets and Goldman Sachs, which have reiterated their buy ratings with price targets of $69 and $56, respectively. Analysts are optimistic about Affirm's growth prospects, citing strong momentum in its business model and its ability to thrive in a higher-rate environment.
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