Mizuho analysts raised their price target for Affirm Holdings (NASDAQ:AFRM) to $65 from $30 while maintaining a Buy rating on the stock.

In a recent investor note, they emphasized the rapid uptake of the “Affirm Card” and the projected 3-4 times increase in card spending for users with direct deposit. This, the analysts suggest, could significantly elevate their medium-term projections.

The analysts also pointed out a potential for surpassing management’s ambitious $50 billion medium-term goal, with a “Blue Sky” scenario predicting around $55 billion by 2026.

The analysts anticipate that the focus of discussions around Affirm will shift from its Buy Now, Pay Later (BNPL) services and partnerships like the one with Walmart, towards Affirm’s evolution into a comprehensive financial services company, incorporating direct deposits, savings, and more.

This rating change comes as Affirm’s shares saw an over 15% increase in a single session following the announcement of an expanded partnership with Walmart.

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