Bernstein has started coverage of Figure (FIGR) with an outperform rating and a $54 price target, implying roughly 35% upside from Friday’s $40 close. The stock rose about 2% in early trading to $41.10.
The brokerage highlighted Figure as a pioneer in blockchain-based credit markets, comparing its impact on lending to stablecoins’ effect on payments. By tokenizing traditional assets, Figure enables faster, more efficient credit markets.
Figure controls around 75% of the $17 billion tokenized private credit market, shifting lending from a balance-sheet-heavy model to a capital-light marketplace and giving investors direct access to consumer loans. Bernstein estimates the addressable market for credit tokenization exceeds $2 trillion, providing substantial growth potential as Figure expands into other loan products and equities.
The report cited Figure’s experienced management, 170 origination partners, and over 15 private credit investors as key strengths. Already the top independent U.S. home equity line of credit lender, Figure originated $5.1 billion in 2024. Bernstein forecasts revenue growth from $341 million in 2024 to $754 million by 2027, driven by its Connect marketplace.
Figure went public last month, pricing its IPO at $25 per share for a $787.5 million valuation.
