Bernstein's analyst Harshita Rawat emphasized that Affirm is positioned at a favorable intersection of multiple growth drivers, including an expanding total addressable market (TAM) and compounding network effects.
The buy now, pay later (BNPL) sector currently represents about 5% of U.S. e-commerce sales and 1% of overall card spending, but is expected to gain momentum as major e-commerce platforms like Amazon and Shopify adopt BNPL strategies to enhance conversion rates and order values.
Bernstein's outlook aligns with the broader market sentiment, as 25 out of 34 analysts covering Affirm also recommend a buy or strong buy rating. This positive sentiment comes despite the stock's flat trading performance in 2026, suggesting that investors may see significant upside potential as the market evolves