Figure’s Wall Street Debut Receives Mixed Reviews From Analysts
Newly public blockchain lender Figure (FIGR) is being praised for early dominance in tokenized credit markets but faces questions about scaling and regulatory challenges.
KBW Highlights Market Share and Growth Potential
Keefe, Bruyette & Woods (KBW) initiated coverage with an “outperform” rating and a $48.50 12-month price target, implying 17.5% upside. KBW noted Figure holds 73% of private tokenized credit and 39% of all tokenized real-world assets, while its technology could support additional credit products such as first-lien mortgages, personal loans, and third-party asset tokenization via tools like Figure Exchange.
Founded by former SoFi CEO Mike Cagney, Figure went public in September, gaining 12% since its IPO. Its platform integrates HELOC tokenization with loan origination, distribution, and a digital asset marketplace.
Bernstein Also Bullish
Bernstein gave Figure an “outperform” rating with a $54 price target, citing the firm’s tokenization model as akin to stablecoins in payments, enabling faster and more efficient lending markets.
BofA Takes a More Cautious View
Bank of America initiated coverage with a “neutral” rating and $41 target, pointing to execution and regulatory risks, as well as Figure’s reliance on HELOCs. BofA sees Figure Connect, the company’s lender-capital matching marketplace, as the key growth driver, potentially contributing 75% of revenue growth from 2024–2027.
Divergent Outlooks Reflect Uncertainty
While all analysts acknowledge Figure’s leadership in tokenized credit, views differ on scaling into broader fintech markets. The gap between KBW’s $48.50 and BofA’s $41 targets highlights ongoing uncertainty over whether Figure’s blockchain infrastructure can transition from niche adoption to mainstream financial services.
