Affirm initiated with a Market Perform at JMP Securities

JMP Securities initiated coverage of Affirm with a Market Perform rating and no price target. Over the past few years, Affirm’s business model has diversified and strengthened, the analyst tells investors in a research note. While the firm has become more constructive about Affirm’s business over time, it is nevertheless neutral on the shares based primarily on valuation, and secondarily on the potential regulatory overhang that it believes may not be fully priced into the stock.