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<ul class="summary-list"><li>Bank of America raised its price target for Affirm to $160 from $119 on Tuesday. </li><li>It said Affirm posted growth in both app downloads and monthly active users in September, outpacing peers AfterPay, Klarna and QuadPay/Zip. </li></ul><a href="https://markets.businessinsider.com/stocks/afrm-stock">Affirm</a>'s installment-pay business has been growing at a time of deceleration for its peers, Bank of America said Tuesday in raising its price target on shares of the fintech firm. Bank of America increased its price objective on Affirm to $160 from $119. The hike implies the stock could rise 18% from Monday's closing price of $135.03."We believe a higher multiple is justified due to AFRM's current business momentum," it said, noting it tracks app downloads and monthly active users in the US using data from SensorTower, an app analysis company. Affirm shares on Tuesday rose as much as 4.1% then trimmed the gain to 3%. The stock has climbed about 42% since their trading debut in January. The investment bank said Affirm was the only buy-now, pay-later vendor it tracks that registered growth in September for both app downloads and monthly active users compared with August and with the first half of 2021. It said the acceleration was driven in part by <a href="https://markets.businessinsider.com/stocks/shop-stock">Shopify</a> expanding <a href="https://www.affirm.com/press/releases/shop-pay-installments-launch">Affirm's installment-pay service to all its US merchants</a> in June. Affirm and Shopify first announced <a href="https://www.businessinsider.com/shopify-affirm-partner-buy-now-pay-later-installments-online-shopping-2020-7">their partnership last year</a>. In a survey conducted by the bank, users of buy now, pay later services said they plan on using them more often in the next 12 months. According to the survey, 54% of users said they plan to use buy now, pay later eight or more times over the next year, up from 47% in the bank's last survey of the sector. Last week, <a href="https://markets.businessinsider.com/news/stocks/affirm-stock-price-target-buy-now-pay-later-installment-service-2021-10">Target said its online shoppers could use Affirm</a> to pay for purchases of more than $100. <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> in late September <a href="https://www.businessinsider.com/amazon-affirm-buy-now-pay-later-space-50-2021-8">said it was partnering with Affirm</a> to offer installed payments to its customers. Both announcements propelled Affirm's shares higher. Affirm's wide-ranging product roadmap unveiled late last month should enable the company to be a long-term winner in the burgeoning buy-now, pay-later industry, said BofA. It also foresees Affirm becoming a broader provider of fintech services such as banking, crypto assets, shopping, and rewards as the company pursues its "SuperApp" strategy.Affirm's app download growth ramped up in September, to 121% compared with 111% in August. <a href="https://www.marketwatch.com/investing/stock/aftpy?mod=over_search">AfterPay</a>'s downloads increased 68% versus 118% in August. "Surprisingly, Klarna saw growth turn negative (to -7%) for the first time," said BofA, saying app downloads increased by 54% in August. Privately held QuadPay/Zip registered flat growth year over year versus a 63% increase in August, the bank said.

Affirm could rise 18% as consumers plan to step up use of buy now, pay later services, Bank of America says

<ul><li><keyword id="11965225" type="UNKNOWN" weightage="60" keywordseo="affirm" source="Orion">Affirm</keyword> soared as much as 22% on Friday after the company posted strong revenue growth for its fiscal fourth quarter.</li><li>Affirm also raised its 2022 revenue guidance to as high as $1.19 billion, ahead of analyst expectations.</li><li>The buy now, pay later firm is extending its positive momentum from last month's Amazon partnership.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/afrm-stock">Affirm</a> soared as much as 22% on Friday after the buy now, pay later firm reported <a href="https://www.businesswire.com/news/home/20210909006033/en/Affirm-Reports-Fourth-Quarter-and-Fiscal-Year-2021-Results">strong fourth-quarter revenue growth</a> and raised its 2022 guidance ahead of analyst expectations.Affirm's business continues to grow fast as the alternative lending space has seen a surge in adoption over the past few months, accelerated by <a href="https://www.businessinsider.com/jack-dorseys-square-buy-afterpay-for-29-billion-in-stock-2021-8">Square's $29 billion acquisition of Afterpay</a> and <a href="https://www.prnewswire.com/news-releases/paypal-to-acquire-paidy-301370860.html">Paypal's $2.7 billion buyout of Paidly.</a>In the fintech company's fiscal fourth quarter <keyword id="6357061" type="UNKNOWN" weightage="60" keywordseo="earnings" source="Orion">earnings</keyword> results, active consumers nearly doubled while active merchants grew nearly 400% year-over-year.Here were the key numbers:Revenue: $261.8 million, versus estimates of $224.4 million Earnings per share: -$0.48, versus estimates of -$0.33 2022 revenue guidance: $1.16 billion - $1.19 billion, versus estimates of $1.16 billion"During the fourth quarter, we delivered strong unit economics while driving even greater capital efficiency. The strategic progress we achieved in fiscal year 2021 sets us up for long-term growth," Affirm CFO Michael Linford said.Despite the strong revenue growth, Affirm still does not expect to be profitable next year. The company forecasts adjusted operating losses of up to $145 million in its fiscal year of 2022.Jefferies expects the losses at Affirm to continue for a while longer, according to a Friday note."We note that while we expect robust top-line growth to persist, we believe this could come with margin pressures given competition and macroeconomic normalization. And looking at AFRM's recent levels of merchant discount rates, Gain on Sale margins, credit losses, and cost of funds, we do not see a likely means for many of these key drivers to improve," Jefferies said.The move higher in Affirm's extends gains from late last month, when the stock soared more than 20% after announcing a partnership with <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>. Shares of Affirm are up 130% from its $49 IPO price, but are down 23% from its record high of about $147.

Affirm soars 22% after the buy now, pay later firm posts strong 4th-quarter revenue growth and guidance

<ul class="summary-list"><li><keyword id="1050230" type="PERSON" weightage="60" keywordseo="Affirm">Affirm</keyword> priced its shares at $49 at the company's initial public offering on Tuesday.</li><li>The offering is expected to raise $1.2 billion, giving the <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> installment lender a valuation close to $12 billion.</li><li>Affirm lifted its price range on Monday to $41 to $44, from $33 to $38. </li><li>Affirm is set to trade on the Nasdaq Global Select Market under the ticker "AFRM."</li></ul>Affirm Holdings, Inc. announced on Tuesday that it priced its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> at $49 per share, coming in slightly above the most recently marketed price range of $41 to $44, and well above the initial expected range of $33 to $38 per share.The San Francisco-based provider of installment loans to online shoppers now expects to raise $1.2 billion when it begins trading on Wednesday under the ticker 'AFRM,' <a href="https://www.affirm.com/press/releases/affirm-announces-pricing-of-ipo">according to a regulatory filing.</a>This gives the firm an $11.9 billion valuation, based on common stock outstanding, and around a $15 billion valuation on a fully-diluted basis.Affirm is the first of several companies set to go public this week. The secondhand luxury goods company Poshmark, pet supply retailer Petco Health and Wellness Company, mobile game developer Playtika, and auto service supply company Driven Brands are all set to go public within the next few days.The streak of public debuts continues the IPO boom from 2020, which saw one of the hottest years on record, led by listings from Airbnb, Snowflake, Palantir, and DoorDash. US <keyword id="35156" type="COMPANY" weightage="60" keywordseo="ipos">IPOs</keyword> raised a record $156 billion in 2020, according to Bloomberg data.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-50-under-owned-recovery-value-goldman-sachs-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 50 under-owned stocks that will roar higher as growth and inflation lift off in 2021</a>Affirm Holdings, Inc. was founded in 2012 by PayPal co-founder <keyword id="1485834" type="PERSON" weightage="60" keywordseo="Max-Levchin">Max Levchin</keyword>. Since then, the pay-over-time startup raised about $1.5 billion in funding from investors, including Durable Capital Partners, GIC, Thrive Capital, and Spark Capital, <a href="https://news.crunchbase.com/news/affirm-s1-ipo/">per Crunchbase</a>.Revenue at Affirm has been accelerating, up 98% year-over-year in the company's most recent September 2020 filing. Affirm is reliant on one merchant, Peloton, for some 30% of its revenue. The company's net loss narrowed to $15.3 million from $30.8 million in its most recent quarter.Affirm's IPO was led by Morgan Stanley, Goldman Sachs, and Allen &amp; Co. Its shares are expected to begin trading Wednesday on the Nasdaq under the ticker AFRM.

Affirm prices IPO above expected range at $49 per share, raising $1.2 billion for the point-of-sale fintech firm

<ul><li>2021 was a record year for IPOs, with 2,388 new companies listing their shares around the globe.</li><li>The red-hot <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> market this year occurred amid a relentless grind higher in the broader <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword>.</li><li>These are the 10 best performing US stocks that went public in 2021.</li></ul><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-sp500-63rd-record-close-tech-stocks-2021-11">Record highs in the stock market</a> have facilitated a boom in new company listings this year, with a record 2,388 firms going public around the globe, according to <a href="https://www.ey.com/en_gl/ipo/trends">data from Ernst and Young.</a>Helping drive a resurgence in new company listings were SPACs, which peaked in early 2021 after a surge last year. Altogether, companies have raised $453 billion in proceeds from their IPOs, representing a 67% increase relative to 2020 and a more than doubling from 2019 levels.Firms going public have predominately been in the technology sector, and the Nasdaq Exchange captured the most IPOs relative to other global stock exchanges. <a href="https://markets.businessinsider.com/news/stocks/rivian-stock-price-ipo-debut-valuation-100-billion-ford-gm-2021-11">High profile IPOs</a> this year include electric vehicle startups <a href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian</a> and <a href="https://markets.businessinsider.com/stocks/lcid-stock">Lucid Group</a>, and direct-to-consumer brands <a href="https://markets.businessinsider.com/stocks/bird-stock">Allbirds</a> and <a href="https://markets.businessinsider.com/stocks/wrby-stock">Warby Parker.</a>And with more than 900 IPOs this year on US exchanges alone, there have been plenty of big winners and losers. These are the 10 best performing US IPOs of 2021 of companies with at least a $1 billion market capitalization. All performance data is as of December 15 and was sourced from <a href="https://koyfin.com">Koyfin.</a> (However, the chart action shown below reflects performance based on the opening price of a stock on its first day of trades, not its IPO price.)10. Prometheus BiosciencesTicker: <a href="https://markets.businessinsider.com/stocks/rxdx-stock">RXDX</a> Gain Since IPO Price: 72% Market Capitalization: $1.3 billion<div type="image" title="Prometheus stock price" height="512" width="630" msid="88306487" hostid="261"></div>9. Verve TherapeuticsTicker: <a href="https://markets.businessinsider.com/stocks/verv-stock">VERV</a> Gain Since IPO Price: 75% Market Capitalization: $1.6 billion<div type="image" title="Verve stock price" height="512" width="622" msid="88306488" hostid="261"></div>8. TaskUsTicker: <a href="https://markets.businessinsider.com/stocks/task-stock">TASK</a> Gain Since IPO Price: 91% Market Capitalization: $4.3 billion<div type="image" title="Taskus stock chart" height="500" width="624" msid="88306489" hostid="261"></div>7. KanzhunTicker: <a href="https://markets.businessinsider.com/stocks/bz-stock">BZ</a> Gain Since IPO Price: 93% Market Capitalization: $14.7 billion<div type="image" title="BZ stock price" height="503" width="627" msid="88306491" hostid="261"></div>6. Dutch BrosTicker: <a href="https://markets.businessinsider.com/stocks/bros-stock">BROS</a> Gain Since IPO Price: 98% Market Capitalization: $7.5 billion<div type="image" title="Dutch Bros stock chart" height="494" width="627" msid="88306493" hostid="261"></div>5. DoximityTicker: <a href="https://markets.businessinsider.com/stocks/docs-stock">DOCS</a> Gain Since IPO Price: 108% Market Capitalization: $10.1 billion<div type="image" title="DOCS stock chart" height="493" width="627" msid="88306494" hostid="261"></div>4. AffirmTicker: <a href="https://markets.businessinsider.com/stocks/afrm-stock">AFRM</a> Gain Since IPO Price: 111% Market Capitalization: $29.0 billion<div type="image" title="Affirm stock chart" height="492" width="627" msid="88306495" hostid="261"></div>3. Global-e OnlineTicker: <a href="https://markets.businessinsider.com/stocks/glbe-stock">GLBE</a> Gain Since IPO Price: 120% Market Capitalization: $8.0 billion<div type="image" title="GLBE stock chart" height="500" width="631" msid="88306497" hostid="261"></div>2. ZIM Integrated Shipping ServicesTicker: <a href="https://markets.businessinsider.com/stocks/zim-stock">ZIM</a> Gain Since IPO Price: 208% Market Capitalization: $5.8 billion<div type="image" title="ZIM stock chart" height="540" width="629" msid="88306498" hostid="261"></div>1. Digital World AcquisitionTicker: <a href="https://markets.businessinsider.com/stocks/dwac-stock">DWAC</a> Gain Since IPO Price: 508% Market Capitalization: $1.9 billion<div type="image" title="DWAC stock chart" height="535" width="626" msid="88306500" hostid="261"></div>

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Affirm could rise 18% as consumers plan to step up use of buy now, pay later services, Bank of America says

Carla Mozée

Affirm soars 22% after the buy now, pay later firm posts strong 4th-quarter revenue growth and guidance

Matthew Fox

Affirm prices IPO above expected range at $49 per share, raising $1.2 billion for the point-of-sale fintech firm

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These were the 10 best performing IPOs of 2021 amid a record year for stock market debuts

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