Bernstein Sees Figure Technology Undervalued, Sets $67 Target on FIGR

Bernstein upgraded Figure Technology Solutions (Figure Technology) with an “Outperform” rating and a $67 target price, arguing the blockchain-based lending firm is undervalued versus the current level near $32. The thesis centers on rapid loan growth: Figure Technology originated $1.2B of loans in March (+33% month-over-month), and this was the first month monthly volume exceeded $1B. The analysts expect Figure Technology to scale toward $12B annual loan volume. Growth is attributed to rising consumer credit demand, an expanding partner network, and its blockchain lending stack, including the YLDS stablecoin. Figure Technology’s Provenance blockchain is cited as delivering 117 bps savings per loan versus traditional competitors. In Q1, loan volume reached $2.9B, about double year-on-year. Valuation and stock context: Bernstein values Figure Technology at 25x its 2027 projected EBITDA, while noting the stock is down more than 20% year-to-date. Key risks include sensitivity of HELOC demand to refinancing trends and stress in the private credit market, with broader crypto-market dynamics (including BTC futures volatility) potentially affecting sentiment. Source/Author: Bernstein report (cited by COINOTAG); author name shown as Sarah Chen. (Not investment advice.)