Shares of Affirm Holdings were trading lower Tuesday after the "buy now, pay later" company announced a private offering of $750 million of convertible senior notes and said it plans to repurchase up to $300 million of common stock.

Deutsche Bank analysts on Monday increased their price target on Affirm to $75 from $45.

Affirm stock fell 3.4% to $70.39 in premarket trading Tuesday. Shares have had a strong year -- coming into Tuesday they have risen 48%.

On Monday, Deutsche Bank analysts led by Bryan Keane increased their price target on Affirm stock to $75 from $45 and reiterated a Hold rating.

The analyst team hosted a conversation with new Chief Financial Officer Rob O'Hare to discuss the macroeconomic environment, the Affirm card, credit trends, and profitability, among other topics, and noted strength in consumer discretionary spending.

The team also highlighted the announcement last week that Affirm and Sixth Street have entered into a long-term capital partnership in which the investment firm -- through its asset-based finance platform -- will invest up to $4 billion by purchasing Affirm loans over three years. This "adds capacity to fund the growth the company sees ahead of it," the analysts said. wrote.