Key Takeaways
- Bernstein maintains “Outperform” rating on FIGR with $67 price target, suggesting approximately 67% potential upside
- The stock has gained close to 10% in the last month, yet analysts believe significant value remains
- April loan volumes reached $1.34 billion, representing a 108% year-over-year increase
- Analysts project the addressable market for tokenized credit at $4 trillion
- The company is broadening its scope from HELOCs into auto financing, mortgage products, and small-business credit through the Hastra platform
Figure Technology Solutions (FIGR) stock has posted gains approaching 10% during the past month, with shares currently changing hands near $40. Bernstein analysts argue the rally still leaves considerable room for appreciation.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
In research commentary released Tuesday, Bernstein maintained its “Outperform” rating alongside a $67 price target — a level that represents roughly 67% above current trading prices.
The firm’s optimistic outlook extends beyond traditional lending operations. Analysts view Figure as an evolving entity.
Bernstein characterizes Figure as a business undergoing transformation — shifting from a home equity line of credit (HELOC) specialist toward a comprehensive platform leveraging blockchain technology and AI-powered credit infrastructure.
The central theme revolves around tokenization: transforming loans into digital onchain assets capable of real-time settlement, eliminating conventional middlemen from the process.
Bernstein values the total addressable market for tokenized credit at approximately $4 trillion. This represents a substantially larger opportunity than HELOC origination by itself.
This $4 trillion valuation encompasses diverse loan categories — including mortgages, auto financing, HELOCs, and small-business credit — all areas where Figure currently pursues expansion.
Impressive Loan Volume Expansion Supports Investment Case
The performance metrics paint a compelling picture. April loan volumes reached $1.34 billion, climbing 108% compared to the same period last year.
This achievement also represents the second consecutive month Figure has surpassed the $1 billion mark — a pattern indicating the expansion trajectory has staying power.
Bernstein forecasts total loan volumes will climb to $16.5 billion by 2027, compared with $8.4 billion anticipated for 2025. This trajectory reflects nearly a twofold increase within a two-year span.
Hastra Platform Drives Blockchain Credit Strategy
Figure has entered the auto lending space via its Hastra ecosystem, engineered to integrate tokenized credit offerings into decentralized finance (DeFi) infrastructure and broader blockchain marketplaces.
The company faces competition in this emerging sector. Centrifuge has similarly grown its DeFi infrastructure to incorporate tokenized credit alongside US Treasury products across multiple blockchain networks.
To provide perspective, the current tokenized credit market stands at roughly $5.5 billion — a fraction of Bernstein’s $4 trillion long-range projection.
This substantial differential forms the foundation of the bullish investment thesis.
Bernstein’s $67 price target carries forward from prior research notes, with the firm keeping its overall perspective intact.
