Affirm has been one of the more closely watched names in financial technology as investors weigh whether the buy now, pay later company can turn rapid growth into a more durable profit story. Bank of America came away from the company’s latest quarter with more confidence, raising its price target as the firm pointed to stronger execution, improving monetization, and momentum from Affirm Card.

BofA reiterated its Buy rating on Affirm and raised its price objective to $88 from $82, according to the BofA note given to TheStreet. The new target implied 37.5% upside from the $64.01 share price listed in the report, with the firm arguing that the company’s latest results showed a cleaner path toward medium-term earnings power.