Wells Fargo analyst Andrew Bauch upgraded Affirm to Overweight from Equal Weight with a price target of $52, up from $40. The company has “clearly demonstrated its right to win” increment e-commerce checkout market share for “years to come,” the analyst tells investors in a research note. The firm sees GAAP profitability “on the horizon” for Affirm, which makes the stock’s valuation case “palatable.” It says this “structural winner” has now become investable.