Affirm price target lowered to $67 from $85 at Wells Fargo

Wells Fargo lowered the firm’s price target on Affirm (AFRM) to $67 from $85 and keeps an Overweight rating on the shares. While macro concerns loom, the firm believes Affirm’s near- and long-term set up continues to be favorable. Wells acknowledges that Affirm’s shares have been the most punitively impacted by the recent market selloff in its coverage as from a distance, the business would appear to be in the crosshairs of several market headlines. However, the firm believes this move underappreciates the resiliency of the model, and expected tailwinds in a rate easing environment.