Mizuho’s recent analysis suggests that the collaboration between Affirm Holdings (NASDAQ) and Apple (NASDAQ) Pay could create a significant $12 billion Buy Now, Pay Later (BNPL) opportunity for Affirm, representing a 35% growth over the fiscal year 2025 consensus estimates.
The report indicates that Affirm’s stock surge post-announcement may be justified, with the potential upside not yet reflected in the stock. Mizuho estimates that Apple Pay handles around $265 billion in U.S. e-commerce payment volumes, with a 5% BNPL mix translating to a $12 billion opportunity for Affirm.
Mizuho maintains a ‘Buy’ rating for Affirm with a price target of $65.
