Figure tokenized credit gets Bernstein Outperform $67 target

Bernstein says Figure Technology’s tokenized credit platform may be undervalued after strong loan growth and scaling of its credit marketplace. The analysts set an “Outperform” rating on FIGR and a $67 price target, nearly double the stock’s ~$32 recent level. Key momentum: Figure originated $1.2 billion in loans in March (+33% month-on-month), the first time monthly volumes exceeded $1 billion. Q1 originations hit $2.9 billion, more than double year-on-year, despite seasonality typically slowing HELOC demand. Figure is now tracking about $12 billion in annualized loan volume. How the model works: Figure mainly issues home equity lines of credit (HELOCs). It uses the Provence blockchain to reduce loan-processing friction, claiming it can cut 117 basis points per loan via blockchain transactions. The company is also rolling out tokenized infrastructure, including its YLDS stablecoin. Stock context: Even with improving operating performance, FIGR shares are down over 20% year-to-date, reflecting broader volatility in digital-asset-linked stocks and post-Nasdaq debut pressure. Bernstein notes Figure trades at ~25x expected 2027 EBITDA, a premium tied to “structural prospects” as both a tokenization platform and a profitable lender. Risks remain: HELOC demand can be sensitive to mortgage refinancing trends, and the private credit market—central to Figure’s strategy—shows signs of increasing pressure. Overall, the report strengthens the bull case for tokenized credit in fintech, while near-term equity volatility persists.