Affirm Holdings (AFRM) shares closed meaningfully higher on May 14 after Mizuho analyst Dan Dolev said the fintech stock has significant further upside from current levels.
In a note to clients, Dolev maintained his “Outperform” rating and raised the price target on AFRM to $100, signaling potential for another 50% rally from here.
Despite recent gains, Affirm stock remains down nearly 20% versus its year-to-date high.
Here’s Why Mizuho Is Bullish on Affirm Stock
The cornerstone of Mizuho’s heightened optimism in AFRM shares is the company's recently disclosed target of $100 billion in gross merchandise volume (GMV), which translates to a 25% compound annualized growth rate (CAGR).
According to Dolev, while ambitious, this isn’t a “blue sky” projection; it is a credible “glide path” supported by the Nasdaq-listed firm’s recent operational performance.
The shift from aspirational goals to tangible targets suggests that Affirm Holdings is successfully transitioning from a niche payment alternative to a massive, scalable financial utility, he added.
This newfound scale story signals to the market that AFRM is still in the early innings of its growth cycle.
What Else Could Drive AFRM Shares Higher
Beyond the top-line GMV targets, Dolev pointed to several high-margin catalysts that are expected to accelerate AFRM’s profitability.
A primary driver is the Affirm Card, which the analyst views as a critical tool for capturing offline, everyday spend.
As of the May update, the card has scaled to over 4.4 million active users, serving as the company’s most profitable product because it bypasses the need for expensive external marketing.
Other reasons Dolev cited for the bullish view on Affirm shares include integration into the “agentic commerce” era, specifically the recent expansion within the Google Gemini app and Google Pay.
This positioning allows the fintech firm to become the default financing layer for AI-driven shopping experiences, he concluded.
How Wall Street Recommends Playing Affirm Holdings
Note that Mizuho is not the only Wall Street firm that’s keeping bullish on AFRM stock.
The consensus rating on Affirm Holdings also sits at “Strong Buy,” with the mean price target of roughly $84 indicating potential upside of another 23% from here.
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