Affirm Stock Climbs on Wolfe Research Upgrade

Affirm shares gained 2.20% in premarket trading on 14 September 2026 after Wolfe Research upgraded the company to Outperform from Peer Perform. The research firm set a price target of $90, pointing to a more favorable risk-reward setup, a compelling valuation, and solid fourth-quarter results.

For the fiscal fourth quarter, gross merchandise volume increased 36% to $14.1 billion while revenue grew 33% to $1.17 billion. Adjusted operating income rose 49% to $353 million, lifting adjusted operating margin to 30% compared to 27% in the same period last year. Direct-to-consumer GMV rose 49% to $4.7 billion. In addition, Affirm Card volume more than doubled to $2.8 billion, and active card users more than doubled to 5.2 million.

For the first quarter, Affirm expects revenue between $1.19 billion and $1.22 billion on GMV of $13.7 billion to $14.0 billion. Looking ahead to fiscal 2027, the company forecasts GMV exceeding $64 billion, compared with about $49.4 billion projected for fiscal 2026. It also projects operating margin above 14.5% and adjusted operating margin above 30.5%.