The Affirm Holdings (NASDAQ:AFRM) price target was more than doubled to $65 from $30 per share by Mizuho analysts on Wednesday, with the firm maintaining a Buy rating on the stock.
Analysts told investors in a note that they believe the combination of the rapid adoption of the "Affirm Card" coupled with an estimated 3-4x uplift in card spend for users with direct deposit could drive a step-function increase to their medium-term expectations.
"Our Blue Sky scenario of ~$55bn by FY26 highlights potential upside to management's ambitious $50bn medium-term goal," wrote the Mizuho analysts.
"We expect the debate around Affirm to increasingly shift from BNPL & partnerships like Walmart, to AFRM becoming a full-fledged financial services firm with direct deposits, savings, etc," they added.
Affirm shares jumped more than 15% during Tuesday's session, closing well above the $50 per share mark after the company announced it has expanded its relationship with Walmart.