Bernstein xác nhận mục tiêu giá 67 USD cho FIGR, nhìn thấy tiềm năng tăng 72% từ quá trình token hóa

The Huoxing Finance report states that Bernstein has reaffirmed its “Outperform” rating on Figure Technology Solutions (FIGR) and maintained its price target of $67, implying approximately a 72% upside from the current stock price of $38.97. Figure’s Q1 2026 performance was strong: loan originations reached $2.9 billion, up 113% year-over-year; 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 market expectations. However, GAAP diluted EPS was $0.18, about 9% below expectations, primarily due to a $26 million stock-based compensation expense. Bernstein’s analysis suggests this earnings report should reshape market perception of Figure—not as a traditional credit company, but as a “tokenization-driven capital markets platform,” with core profits derived from network fees and operational scaling leverage. Bernstein continues to value the company using a 25x multiple on 2027 EBITDA. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS has grown to $598 million (up 80% quarter-over-quarter); the stock lending product balance stands at $368 million (+79%); and small business lending contributed $60 million in revenue. Figure’s current stock price remains close to its 2025 IPO offering price of $36 but is still significantly below its historical high of $78.