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2h ago

Wall Street Opens Coverage on Figure With Bernstein Targeting $54

Analysts’ first looks left shares in the low $40s, reflecting enthusiasm for its tokenized‑credit lead alongside caution on scaling and regulation.

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

  • Bernstein initiated FIGR at outperform with a $54 price target, calling the company a leader in bringing blockchain to credit markets and highlighting a capital‑light marketplace model.
  • KBW started at outperform with a $48.50 target, while Bank of America began at neutral with a $41 target and Jefferies at hold with $40, underscoring a split over execution and regulatory risks.
  • Shares rose intraday by roughly 6% to around $42.7 after the initiations, keeping the stock well above its September IPO pricing of $25 a share.
  • Analysts estimate Figure controls roughly 73–75% of the tokenized private credit market after originating about $16–17 billion in loans on its Provenance blockchain.
  • Coverage notes a credit tokenization opportunity exceeding $2 trillion and points to Figure Connect as a key growth driver, even as dependence on HELOCs and onboarding large institutions remain concerns.