Bernstein reiterated its “Outperform” rating on Figure Technology Solutions (FIGR) with a $67 price target, implying roughly 67% upside from current levels. The research note highlights Figure’s transition from a home equity line of credit originator into a broader platform built on blockchain infrastructure and AI-driven credit markets.
Key growth metrics underpinning the thesis include loan volumes reaching $1.34 billion in April, a 108% year-over-year increase, marking the second consecutive month above $1 billion. Bernstein projects total loan volumes could hit $16.5 billion by 2027, nearly doubling from 2025 estimates.
The analysts emphasize the tokenized credit opportunity, estimating the addressable market at $4 trillion—spanning mortgages, auto loans, HELOCs, and small-business lending. Figure is expanding into auto loans via its Hastra ecosystem, designed to integrate tokenized credit products into decentralized finance. Competitor Centrifuge has also moved into tokenized credit and US Treasury products across new blockchains. The current tokenized credit market stands at roughly $5.5 billion, leaving significant runway for growth.
Bernstein’s price target remains unchanged, reflecting confidence in Figure’s platform strategy even as the stock has climbed nearly 10% over the past month.
