BofA upgraded Affirm (AFRM) to Buy from Neutral with an unchanged price target of $36. The analyst believes the company’s GAAP profitability may be closer than consensus expects. Affirm’s fiscal Q4 print and guidance could be a positive catalyst, and fiscal 2025 estimates “seem achievable,” the analyst tells investors in a research note. The firm says lower interest rates should also be supportive of the company’s revenue less transaction costs, its most important profit metric. BofA is bullish on Affirm’s new and expanded partnerships, especially with Apple (AAPL), and says the company’s credit risk continues to be well-controlled.