Affirm Holdings, Inc. (NASDAQ:AFRM) shares are trading lower on Wednesday. 



Bank of America Securities (BofA) hosted the company's Investor Day in New York, where management outlined long-term growth opportunities tied to new products, international expansion, and broader adoption of its consumer finance platform.



<h2>GMV Growth Targets And Revenue Outlook</h2>



Affirm reiterated its target of reaching $100 billion in annual gross merchandise volume, or GMV, over the medium term, which BofA models around fiscal 2029 based on current growth assumptions. The outlook implies annual growth of more than 25%.



BofA said the projected expansion is expected to be driven by contributions of more than 10% each from merchant point-of-sale and direct-to-consumer channels, along with 1% to 5% from international markets. 



The analyst also highlighted additional upside potential from the company's Affirm Edge offering and agentic commerce initiatives. The forecast is modestly above Wall Street expectations of $96.4 billion in fiscal 2029 GMV.



The company now expects its RLTC loss rate to settle in the range of 3.75% to 4.0% as a percentage of GMV, tighter than its prior 3% to 4% framework and slightly above previous investor expectations.



Affirm projects revenue to represent 7.5% to 8.5% of GMV, alongside GAAP operating margins of 20% to 25% and adjusted operating margins of 30% to 35%.



Combined, the outlook supports a path toward roughly $3 to $4 in earnings per share, broadly in line with consensus estimates, although stronger margins are expected to be offset by a higher assumed tax rate in the mid-to-high 20% range.



<h2>Affirm Card And Product Expansion Initiatives</h2>



Management said growth continues to be supported by strategic initiatives including the Affirm Card, digital wallets, agentic commerce and the recently launched Affirm Edge product.



The Affirm Card remains a major growth driver, with management estimating the product could eventually scale to $150 billion in GMV based on 20 million users spending an average of $7,500 annually.



International expansion also remains a key opportunity, with management targeting a global market exceeding $5 trillion outside the U.S., Canada and China.



The company's partnership with Shopify Inc. (NASDAQ:SHOP) continues to support that strategy, with approximately $20 billion in GMV generated to date. Further expansion is planned across Australia, the Netherlands, Germany and France.



Following the event, BofA Securities maintained its Buy rating on Affirm and raised its price forecast from $82 to $88.



<h2>Analyst Consensus &amp; Recent Actions</h2>



The stock carries a Buy rating with an average price forecast of $83.47. Recent analyst moves include:



<ul>
<li>Needham: Buy (Maintains forecast to $90.00) (May 13)</li>



<li>B of A Securities: Buy (Raises forecast to $88.00) (May 11)</li>



<li>JP Morgan: Overweight (Raises forecast to $80.00) (May 8)</li>
</ul>



<h2>Affirm Price Action</h2>



AFRM Price Action: Affirm Holdings shares were down 3.55% at $63.11 at the time of publication on Wednesday, according to Benzinga Pro data.



Photo via Shutterstock

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Affirm Holdings, Inc. (NASDAQ:AFRM) is pursuing aggressive growth strategies, aiming for $100 billion in annual gross merchandise volume (GMV) by fiscal 2029, with Bank of America maintaining a Buy rating and raising its price forecast to $88. The company plans to expand through new products, international markets, and partnerships, notably with Shopify. Analysts expect Affirm's revenue to be 7.5% to 8.5% of GMV, with operating margins of 20% to 25%. Despite a 3.55% drop in share price to $63.11, the outlook remains positive with strong growth potential.

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Bank of America Corp

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

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JPMorgan Chase & Co.

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JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Affirm Unveils Aggressive Expansion Blueprint