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9h ago

Bernstein Starts Coverage of Figure at Outperform With $54 Target as Shares Rise

The broker points to Figure’s dominance in on‑chain private credit and a multitrillion‑dollar tokenization opportunity.

Figure is a blockchain pioneer in credit markets, says bernstein, initiating at outperform

Overview

  • FIGR climbed about 6% in intraday trading to roughly $42.76 after the Bernstein initiation and price target.
  • Bernstein characterizes Figure as the frontrunner in tokenized private credit with around 75% of a roughly $17 billion market.
  • The note cites an addressable market for credit tokenization exceeding $2 trillion and potential expansion beyond HELOCs into other loan types and asset classes.
  • Third‑party tracker RWA.xyz shows about $12.85 billion in active loans on Figure’s Provenance network, far outpacing nearest rivals Tradeable and Maple.
  • Other firms also launched coverage on Oct. 6, with Piper Sandler at $50, Goldman Sachs bullish at $42, Jeffries holding at $40, and Bank of America neutral at $41.