Affirm: Profitable Growth Is Real — But the Multiple Is Too Rich (Downgrade & Trade Plan)
Affirm is reporting GAAP profitability and meaningful free cash flow even as its shares trade at premium multiples (P/E ~80, P/S ~17.4). That combination explains investor enthusiasm, but it also makes the stock vulnerable to a re-rate if growth disappoints or credit costs tick up. We lay out a mid-term short trade with precise entry, stop and targ…