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 described Figure as a pioneer in bringing blockchain to credit markets, comparing its effect on lending to what stablecoins achieved for payments. By tokenizing traditional assets, Figure creates faster, more efficient credit markets.
Figure holds approximately 75% of the $17 billion tokenized private credit market. Its platform shifts lending from a balance-sheet-heavy model to a capital-light marketplace, allowing investors direct access to consumer loans. Bernstein estimates the total addressable market for credit tokenization exceeds $2 trillion, offering substantial growth potential as Figure expands beyond home equity lines into other loans and equities.
The firm highlighted Figure’s experienced management, 170 origination partners, and over 15 private credit investors as key strengths. Already the top independent U.S. HLOC lender, Figure originated $5.1 billion in 2024. Bernstein projects revenue growth from $341 million in 2024 to $754 million by 2027, supported by its Connect marketplace.
Figure went public last month, pricing its IPO at $25 per share for a valuation of $787.5 million.
