Why Shares of Affirm Are Falling Today
Shares of the buy now, pay later (BNPL) company Affirm Holdings (NASDAQ: AFRM) traded nearly 9% lower as of 1:28 p.m. ET today after a Wall Street analyst cut his price target on the stock this morning.
Piper Sandler analyst Kevin Barker maintained a neutral rating on Affirm but lowered his price target from $32 per share to $28. Affirm trades at less than $19 per share.
Barker attributed the struggles of all consumer-facing fintech companies to the market's concerns over a looming recession that will hit sometime over the next 12 to 18 months. The analyst has dropped all estimates in the sector to account for "economic reality."
Source Fool.com
