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.
摩根士丹利已經升級了Affirm Holdings Inc. (納斯達克:AFRM)，一個在美國和加拿大的支付網絡運營商-5g，該公司已經開始實施吸引高收入用戶的策略。
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.
分析師此前對Affirm不斷增長的用戶數表示擔憂，指出其正在向信用記錄較弱的低收入個人偏斜，這可能挑戰公司的長期增長。
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與蘋果支付的整合已經擴大了它的覆蓋範圍，面向年輕、收入較高的人群。摩根士丹利預計這一合作伙伴關係將在FY26創造額外194億美元的交易量，超過之前預估的100-150億美元。
The analyst has upgraded Affirm stock from Underweight to Equal-Weight with a price target of $37, up from $20.
分析師已將Affirm股票評級從低評級調升到同等評級，並將目標股價從20美元上調至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費者通常對促銷利率反應最強烈，並對Affirm加強與製造商和商家直接銷售交流的舉措表示鼓舞。
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.
通過加強展示Affirm提升購買金額能力和改善製造商的轉化率的努力，分析師預計FY25期間促銷融資優惠將增加，從而更積極地展望與富裕消費者的互動。
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，擴大較低的促銷利率定價的可用性可能進一步增強Affirm對高收入消費者的吸引力——這是輔助其改善分銷和促銷戰略的關鍵因素。
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，管理層已經討論利用更低的資本成本提供超過0%的促銷利率範圍（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，現在有更多的年輕消費者持有信用卡，而作爲Buy Now，Pay Later（BNPL）供應商，Affirm被認爲比PayPal和蘋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，該公司強調，增加品牌知名度可能會縮小這種信任鴻溝，可能削弱老牌公司在年輕消費者中的地位。
Price Action: AFRM stock is up 4.34% at $42.94 at last check Wednesday.
股價表現：AFRm股價上漲4.34%，報42.94美元，最近查看爲星期三。
Image: Shutterstock by PopTika
圖像：攝影：Shutterstock by PopTika
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