Shares of Affirm Holdings (NASDAQ: AFRM), a financial technology firm, are rising premarket on Monday following its deal with Amazon and subsequent analyst upgrades.
On Friday, the fintech firm announced its flexible payment solution will soon be available to Amazon.com customers at checkout. The deal is currently being tested on “select customers,” but it will become more broadly available in the coming months.
Using Affirm, Amazon customers will have the option, at checkout, to split the total cost of purchases of $50 or more into monthly payments.
“By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the U.S.,” said Eric Morse, Senior Vice President of Sales at Affirm.
The news was announced after the close on Friday. Affirm's share price is now up 37% at $93.07 premarket on Monday.
In addition, Affirm's share price target has been raised at Morgan Stanley and Barclays…
Morgan Stanley analyst James Faucette raised the firm's price target on Affirm to a “street high” of $120 following the Amazon deal, while Barclays Ramsey El-Assal raised the price target on Affirm Holdings to $115 from $85.
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