Morgan Stanley Drops Affirm From Top Picks, Citing Richer Valuation After Rally
Morgan Stanley reduced its rating on Affirm Holdings Inc from Overweight to Equal-weight and removed the company from its top pick list, attributing the change to valuation pressures following a substantial share-price recovery. The firm kept a $79 price target and raised its fiscal 2028 GAAP EPS estimate, while noting that earlier operational conc…