BofA Securities just did a full 180 on Figure Technology Solutions. The bank upgraded FIGR from Underperform to Neutral on September 9, raising its price target from $31 to $49, a nearly 60% bump driven by accelerating revenue growth and strong performance from the company’s blockchain-powered lending marketplace.
For a stock that’s been stuck in the $25 to $38 range since its IPO a year ago, the revised target suggests BofA sees meaningful upside ahead.
Figure Connect is the engine
The upgrade centers on Figure Connect, a consumer credit marketplace that matches lenders with capital providers.
In Q2 2026, Figure’s total consumer loan marketplace volume hit $4.3B, a 132% increase year-over-year. Of that, Figure Connect accounted for $2.8B, making it the dominant driver of the company’s volume growth.
BofA’s analysts flagged that this momentum is expected to continue through 2028, which is what ultimately tipped the scales from bearish to neutral.
Figure Technology Solutions has positioned itself as the leading non-bank provider of home equity lines of credit, or HELOCs.
A rocky analyst history
BofA’s relationship with FIGR has been anything but steady. The bank initiated coverage with a Neutral rating back in October 2025, shortly after Figure’s public debut. By February 2026, that had been downgraded to Underperform, reflecting concerns about the company’s growth trajectory and risk profile.
That Underperform call held for roughly seven months. During that stretch, FIGR shares traded in a relatively narrow band, never breaking convincingly above the mid-$30s. The stock recently closed around $38, which means BofA’s new $49 target implies about 29% upside from recent levels.
The consensus rating on FIGR averages a Buy, with a consensus price target sitting around $52. BofA’s $49 target actually lands below the Street average.
Blockchain-native finance, in practice
Figure was built on the Provenance Blockchain, an ecosystem designed specifically for financial asset origination, management, and trading. Every HELOC the company originates is processed on-chain, which reduces settlement times and cuts out layers of intermediaries that traditional mortgage products require.
Beyond lending, Figure has expanded into tokenized assets and launched YLDS, an SEC-registered yield-bearing stablecoin.