Affirm Earns Stock Upgrade, Morgan Stanley Says Apple Pay Integration Expected To Drive $1.94B In Transactions
Affirm Earns Stock Upgrade, Morgan Stanley Says Apple Pay Integration Expected To Drive $1.94B In Transactions
The analyst has upgraded Affirm stock from Underweight to Equal-Weight with a price target of $37, up from $20.Morgan Stanley has upgraded Affirm Holdings Inc. (NASDAQ:AFRM), a payment network operator in the U.S. and Canada, as the company has started implementing strategies to attract higher-income users.
摩根士丹利已经升级了Affirm Holdings Inc. (纳斯达克:AFRM)，一个在美国和加拿大的支付网络运营商-5g，该公司已经开始实施吸引高收入用户的策略。
The analyst had previously expressed concerns about Affirm's growing customer base, noting that it was becoming more skewed toward lower-income individuals with weaker credit profiles, which could challenge the company's long-term growth.
分析师此前对Affirm不断增长的用户数表示担忧，指出其正在向信用记录较弱的低收入个人偏斜，这可能挑战公司的长期增长。
However, Affirm's integration with Apple Pay has expanded its reach to a younger, higher-income demographic. Morgan Stanley expects this partnership to generate an additional $1.94 billion in transaction volume by FY26, surpassing the earlier estimate of $1.0-1.5 billion.
然而，Affirm与苹果支付的整合已经扩大了它的覆盖范围，面向年轻、收入较高的人群。摩根士丹利预计这一合作伙伴关系将在FY26创造额外194亿美元的交易量，超过之前预估的100-150亿美元。
The analyst has upgraded Affirm stock from Underweight to Equal-Weight with a price target of $37, up from $20.
分析师已将Affirm股票评级从低评级调升到同等评级，并将目标股价从20美元上调至37美元。
Morgan Stanley observes that higher-income consumers are often the most responsive to promotional interest rates and is encouraged by Affirm's initiatives to strengthen direct sales engagement with manufacturers and merchants.
摩根士丹利注意到高收入消费者通常对促销利率反应最强烈，并对Affirm加强与制造商和商家直接销售交流的举措表示鼓舞。
By enhancing efforts to showcase Affirm's ability to boost purchase sizes and improve conversion rates for manufacturers, the analyst anticipates an increase in promotional financing offers throughout FY25, leading to a more positive outlook on engagement with affluent consumers.
通过加强展示Affirm提升购买金额能力和改善制造商的转化率的努力，分析师预计FY25期间促销融资优惠将增加，从而更积极地展望与富裕消费者的互动。
Morgan Stanley notes that expanding the availability of lower promotional rate pricing could further enhance Affirm's appeal to higher-income consumers—a critical factor in complementing its improved distribution and promotional strategies.
摩根士丹利指出，扩大较低的促销利率定价的可用性可能进一步增强Affirm对高收入消费者的吸引力——这是辅助其改善分销和促销战略的关键因素。
Recently, management has discussed leveraging a lower cost of capital to offer a range of promotional rates beyond 0% (such as 1.99% or 4.99%).
最近，管理层已经讨论利用更低的资本成本提供超过0%的促销利率范围（1.99%或4.99%等）。
Morgan Stanley notes that more younger consumers now hold credit cards than five years ago, and Affirm, as a Buy Now, Pay Later (BNPL) provider, is perceived as less trustworthy than established players like PayPal and Apple.
摩根士丹利指出，比起五年前，现在有更多的年轻消费者持有信用卡，而作为Buy Now，Pay Later（BNPL）供应商，Affirm被认为比PayPal和苹果等老牌公司更不可信。
However, the firm highlights that increasing brand awareness could narrow this trust gap, potentially weakening incumbents' hold on younger consumers.
然而，该公司强调，增加品牌知名度可能会缩小这种信任鸿沟，可能削弱老牌公司在年轻消费者中的地位。
Price Action: AFRM stock is up 4.34% at $42.94 at last check Wednesday.
股价表现：AFRm股价上涨4.34%，报42.94美元，最近查看为星期三。
Image: Shutterstock by PopTika
图像：摄影：Shutterstock by PopTika
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