BofA Securities analyst Jason Kupferberg raised the price target on Affirm Holdings Inc. (NASDAQ: AFRM) to $82.00 (from $71.00) expecting modest upside to F4Q ests and in-line+ F22 guidance when the company reports F4Q on 9/9.

The analyst maintained a Buy rating, stating "We see modest upside potential to our estimates for key metrics in F4Q, including gross merchandise volume (GMV) of $2,288M and revenues of $224.3M, which are 2.8%/0.6% above the Street at $2,225M / $223M, and reflect y/y growth of 90% and 46%, respectively. We expect upside to be fueled primarily by the non-Peloton business, where we are modeling GMV growth of $1,999M, up 145% y/y and 8% q/q, representing 87% of total GMV. Our Peloton GMV forecast of $289M (-25% y/y growth against a very tough comp) is derived from the model of BofA’s Peloton Analyst, Justin Post. For initial F22 guidance, we believe the revenue outlook will be at least in-line with consensus of $1,142M, and we are forecasting $1,154M. Our F22 estimate of $12.70B in GMV (up 57% y/y) also seems safe. We believe the best measure of AFRM’s unit economics is revenue less transaction expenses as a % of GMV, which we are modeling at 3.7% in F4Q and 3.3% in F22, within management’s target range of low to mid 3%. We think the recently announced acquisition of Afterpay by Square (SQ) and AFRM’s win with Apple in Canada have helped improve sentiment, and see the F4Q print as the next potential catalyst."