伯恩斯坦重申Figure目标价67美元：看好代币化驱动72%上涨空间
Odaily Bernstein reiterates Figure price target of $67: Sees 72% upside driven by tokenization
Bernstein reiterates an "Outperform" rating on Figure Technology Solutions (FIGR) with a price target of $67, implying approximately 72% upside from the current share price of $38.97.
Figure Q1 2026 showed strong performance: loan origination volume reached $2.9 billion, up 113% year-over-year; adjusted revenue was $167 million, up 92% year-over-year and beating market expectations by 6%; adjusted EBITDA was $82.7 million, with a margin of approximately 50%, slightly above market expectations. However, GAAP diluted EPS was $0.18, missing expectations by about 9%, primarily due to a $26 million stock-based compensation expense.
Bernstein's analysis suggests that this earnings report should reshape the market's perception of Figure, positioning it not as a traditional credit company but as a "tokenization-driven capital markets platform," with core earnings stemming from network fees and scaled operating leverage. The valuation maintains a model based on 25x 2027 EBITDA. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS reached $598 million (up 80% quarter-over-quarter); the stock lending product balance was $368 million (up 79%); the small business loan business contributed $60 million in revenue.
Figure's current share price remains not far from its 2025 IPO price of $36, but still significantly below its all-time high of $78. (The Block)
