PremiumShadow Subprime: How BNPL Quietly Became America's Credit Line Of Last Resort - Right As The Iran Shock Hit
Wall Street is fighting over which BNPL stock to own. Goldman just bumped its Klarna price target from $19 to $21 - after cutting it from $55 to $20 in February. Morgan Stanley calls Affirm a top pick at $76. They are both fighting the wrong war. While the analyst community debates take rates and merchant economics, BNPL has quietly mutated into the shadow subprime credit card for a middle class that has burned through its savings, is borrowing to pay for groceries, and just walked into a Memorial Day weekend with gasoline at the second-highest level on record.
