Bernstein reaffirmed its "Outperform" rating on Figure Technology Solutions (FIGR) with a price target of $67, implying approximately a 72% upside from the current stock price of $38.97. Figure's Q1 2026 loan originations reached $2.9 billion, a 113% year-over-year increase; adjusted revenue was $167 million, up 92% year-over-year and exceeding market expectations by 6%; adjusted EBITDA was $82.7 million, with a margin of approximately 50%, slightly above estimates. GAAP diluted EPS was $0.18, about 9% below expectations due to a $26 million stock-based compensation expense. The tokenized ecosystem expanded significantly: yield-bearing security tokens (YLDS) reached $598 million (up 80% sequentially); stock lending balances hit $368 million (up 79%); and small business loan revenue totaled $60 million. The current stock price is below the 2025 IPO issuance price of $36 but remains well below the historical high of $78. (The Block)
Bernstein Maintains $67 Price Target for FIGR Amid Strong Q1 2026 Performance
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Summary
Bernstein maintains its $67 price target for FIGR, citing crypto price developments and strong Q1 2026 results. Loan originations reached $2.9 billion, up 113% year-over-year. Adjusted revenue increased 92% to $16.7 million, surpassing estimates by 6%. EBITDA hit $82.7 million with a 50% margin. Tokenization growth accelerated, with YLDS at $598 million and small business loan income at $60 million. Ecosystem expansion is reflected in rising balances and income. GAAP EPS came in at $0.18, 9% below estimates due to stock-based compensation.
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