Afterpay Ltd (ASX: APT) shares have been on a tear in the past month, gaining 25.1% for investors.
Just on Thursday alone, the buy now, pay later (BNPL) stock spiked up 3.03% to close the day at $123.65.
The Afterpay share price seems to be a microcosm of a shift on the ASX.
For 3 solid months from February, growth shares were getting absolutely hammered as investors turned to value shares that benefitted the most from the post-COVID 'reopening' trade.
For example, the S&P/ASX All Technology Index (ASX: XTX) fell more than 20% from 15 February to 19 May.
But ASX growth shares have since made a stunning comeback. The All-Tech index has gained more than 20% since that May trough.
So if you're confused about whether value or growth is in favour, you're not the only one.
Afterpay shares could have more upside to run
One team that's not confused are the equities analysts at Macquarie.
The Motley Fool's James Mickleboro reported Thursday that those experts reckon more explosive growth for the fintech is not out of the question over the next few years.
The broker rated Afterpay shares as a buy and slapped on a price target of $140.
The product pipeline is what seems to be impressing the analysts.
The Afterpay Money app will be launched in Australia soon. In the US, the fintech's app last month onboarded a bunch of big-name retailers to allow customers to buy now, pay later even if the merchant is not affiliated with the service.
The 12 brands add up to "almost half" of all the e-commerce that takes place in the US.
Online shopping had not died out even as vaccinations have triggered a transition to post-pandemic life, according to Afterpay North America general manager Zahir Khoja.
"Consumers still want the convenience and flexibility of buying with the click of a mouse as part of their 'new normal'", he said in June.
"We are thrilled to continue to support our customers by allowing them to shop every day at their favourite brands with Afterpay for things they need and want in their lives."
Afterpay was founded in 2014 by Nick Molnar and Anthony Eisen. The Afterpay share price made its ASX debut in 2016, on the back of an initial public offering (IPO) that sold stocks for $1 each.
