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Jefferies downgrades this 'buy now, pay later' stock, sees more than 20% downside

Affirm Holdings Inc. website home screen on a smartphone arranged in Little Falls, New Jersey, on Wednesday, Dec. 9, 2020.
Gabby Jones | Bloomberg | Getty Images

Jefferies on Friday downgraded shares of payments company Affirm and sees significant downside ahead for a company whose shares cascaded lower Thursday after its quarterly earnings were mistakenly shared early on social media.

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