D.A. Davidson analyst Christopher Brendler lowered Affirm Holdings(Nasdaq:AFRM) price target to $20 from $24, but maintained a buy rating on the stock. The analyst told investors in a research note that the company’s second-quarter results were disappointing overall, but remained bullish on Affirm’s pricing moves to improve its top-line trend in the second half of the year. He further noted that the improvement in credit quality is “a big plus to secure funding,” while predicting that the company will be a “long-term winner” in the pay-as-you-go space.