Affirm upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Affirm to Equal Weight from Underweight with a price target of $37, up from $22. The company has demonstrated how better distribution, 0% promos, and lower pricing could attract and retain higher income consumers, so the firm is stepping to the sidelines as more compelling offers for higher income spenders, coupled with lower regulatory risk likely, improves future earnings potential, the analyst tells investors.