Citi analyst Bryan Keane reiterated a Buy rating and $115.00 price target on Affirm Holdings (NASDAQ: AFRM), according to a research note.

Keane cited expectations for a strong fiscal first quarter of 2027, with estimates at the high end of management's outlook of 27-30% year-over-year growth, and the potential for 300-400 basis points of additional gross merchandise volume growth upside.

The analyst noted several distribution partnerships in early stages, including Intuit/QuickBooks scaling since late March across approximately one million merchants, ServiceTitan beginning in late July, Amazon UK launching in late September, and a recently announced partnership with Crate & Barrel.

On funding costs, Keane said the revenue less transaction costs impact from recent interest rate moves should be manageable, estimated at approximately 15-20 basis points over several years. He also noted that recent asset-backed securities execution with three-year and five-year tranches indicates healthy capital availability and improving spreads.

Shares of Affirm Holdings closed at $74.75 at the time of the note.