The fair value estimate for Affirm Holdings has moved from US$78.93 to US$99.23, which is a sizable reset in what analysts think the stock could be worth on their models. Recent research points to growing confidence in Affirm's growth roadmap, unit economics, and key partnerships, even as some voices remain cautious about valuation and execution risk. As you read on, you will see how these shifting targets feed into the evolving story around Affirm and what to watch if you are tracking the stock.

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What Wall Street Has Been Saying

🐂 Bullish Takeaways

• Several firms, including Goldman Sachs, Citi, and Susquehanna, have raised price targets on Affirm Holdings into the US$100 to US$115 range after recent quarters and investor events, which signals increased confidence in the company's model and product mix.

• Scotiabank and Bernstein both started coverage with positive ratings and price targets around US$95 to US$100, highlighting views that Affirm can scale more like a capital light payments network while keeping unit economics resilient.

• Goldman Sachs points to interest bearing loans, the Affirm Card, and partnerships with platforms such as Shopify and Amazon as important drivers in its updated targets, while Citi and Susquehanna reference recent business wins and medium term GMV guidance as supportive data points.

🐻 Bearish Takeaways

• Morgan Stanley downgraded Affirm to Equal Weight in June 2026 in what it called a valuation call, arguing that the market already reflects much of the company's growth, funding, and credit strengths.

• More cautious firms such as Baird and Morgan Stanley maintain Neutral or Equal Weight stances and focus on the risk that expectations around GMV growth, Prime Day timing, and execution may already be demanding at current levels.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

We've flagged 2 risks for Affirm Holdings. See which could impact your investment.

How This Changes the Fair Value For Affirm Holdings

• Fair value for Affirm Holdings has moved from US$78.93 to US$99.23.

• Revenue growth assumption has shifted from 25.00% to 25.83%.

• Net profit margin assumption has adjusted from 15.90% to 17.39%.

• Future P/E assumption has moved from 31.55x to 30.47x.

• Discount rate has changed from 8.02% to 8.00%.