Affirm's Growth Boosted by Apple and Amazon Partnerships, Lower Interest Rates: Analyst
Affirm's Growth Boosted by Apple and Amazon Partnerships, Lower Interest Rates: Analyst
Affirm Holdings Inc (NASDAQ:AFRM) stock gained after B of A Securities analyst Jason Kupferberg upgraded the stock from Neutral to Buy with a price target of $36.
貝利商控（NASDAQ:AFRM）股票在美國銀行證券（BofA Securities）分析師Jason Kupferberg將其評級從中立升級爲買入，並設立36美元的目標價後走高。
Kupferberg noted GAAP profitability may be closer than expected by consensus.
Kupferberg指出，GAAP盈利可能會比共識預期更接近。
The analyst said the fourth-quarter print and guide could be a positive catalyst, and fiscal 2025 forecasts seem achievable.
該分析師表示，第四季度業績與預測有望成爲積極因素，並且2025財年的預測似乎是可以實現的。
Also Read: Affirm Faces Regulatory Shake-Up with New CFPB Rules
還需了解：Affirm面臨新的CFPb規則調整。
A lower interest rate regime should also support RLTC (revenue minus transaction costs, the most crucial P&L metric), Kupferberg said, who is bullish on new and expanded partnerships, i.e., Apple Inc (NASDAQ:AAPL).
Kupferberg看好與蘋果公司（NASDAQ:AAPL）等新夥伴和擴大合作伙伴關係後，RLTC（營收減去交易成本，最關鍵的收益與損失指標）將得到更低的利率環境支持。
Credit risk continues to be well-controlled, the analyst noted.
該分析師指出，信貸風險仍然得到了良好的控制。
At its November 2023 investor forum, Affirm Holdings detailed a medium-term profitability framework that Kupferberg noted as achievable given expense prudence year-to-date. In the context of this framework, Kupferberg said the Street is mis-modeling warrant expense and share-based compensation.
在其2023年11月的投資者論壇上，Affirm Holdings詳細介紹了中期盈利能力框架，Kupferberg指出，鑑於今年的費用審慎，這是可以實現的。在這個框架的背景下，Kupferberg表示，市場對認股權憑證費用和股份獎勵支出的建模存在誤差。
As warrant expense and Stock-based compensation (SBC) expense grind lower, the analyst forecasted GAAP profitability to arrive in fiscal 2026 faster than consensus.
認股權憑證和股份獎勵支出不斷降低，該分析師預測，與共識相比，GAAP的盈利能在2026年財年更快地實現。
Kupferberg flagged the increasing market expectations of three rate cuts in 2024 and four in 2025. A lower interest rate environment would be beneficial to Affirm Holdings' funding costs and for gain on loan sales.
Kupferberg表示，市場預期2024年將進行三次利率削減，而2025年將進行四次。較低的利率環境將對Affirm Holdings的資金成本和貸款銷售所獲得的收益有益。
As per the analyst, Affirm Holdings recently moved its merchants to a 36% annual percentage rate (APR) cap on loans, up from 30% previously, which should remain a tailwind for yields and Gross Merchandise Value (GMV) growth.
根據該分析師的說法，Affirm Holdings最近將其商戶的年利率上限從之前的30%提高到了36%，這將爲收益率和商品總價值（GMV）的增長提供有利條件。
Given recent share price underperformance, Kupferberg noted the fourth-quarter print could be a positive catalyst.
鑑於最近股價表現不佳，Kupferberg指出，第四季度的業績可能會成爲積極因素。
Affirm Holdings may communicate a more bullish message on profitability while delivering fourth-quarter upside and guiding fiscal 2025 solidly in line, as per the analyst.
該分析師認爲，在交付四季度業績的同時，Affirm Holdings可能會對盈利能力傳遞更爲看好的信息，並引導2025財年的業績達到堅實的預期。
New Apple relationships, further scaling of Affirm Card, and potential geographic expansion of existing large partnerships like Amazon.Com Inc (NASDAQ:AMZN) and Shopify Inc (NYSE:SHOP) should all support fiscal 2025 and 2026 forecasts, Kupferberg added.
蘋果公司（NASDAQ:AAPL）的新關係、Affirm Card的進一步擴展以及諸如亞馬遜（NASDAQ:AMZN）和Shopify Inc（NYSE:SHOP）等現有大型合作伙伴的潛在地理擴張都將支持2025年和2026年的預測。
The analyst projected fiscal 2024 sales of $2.27 billion, fiscal 2025 sales of $2.75 billion and fiscal 2026 sales of $3.24 billion.
該分析師預計2024財年銷售額爲22.7億美元，2025財年爲27.5億美元，2026財年爲32.4億美元。
Price Action: AFRM shares closed trading higher by 2.31% at $27.46 on Tuesday.
價格走勢：週二，AFRm股價以2.31%的漲幅報收於27.46美元。
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譯文內容由第三人軟體翻譯。