Bernstein sees 56% upside for Figure as tokenized loan growth fuels ‘massive beat’ in Q3
Bernstein projects 56% upside for Figure stock following a Q3 earnings report that significantly beat expectations due to tokenized loan growth.Summary
Research firm Bernstein reported that Figure Technology Solutions achieved a "massive beat" in Q3, driven by accelerating growth in tokenized loans across its blockchain partner channels. Adjusted revenue reached $156 million (30% above consensus), and adjusted EBITDA was $86 million (60% above estimates). Total loan originations grew 34% quarter-over-quarter to $2.5 billion, with home-equity lines of credit (HELOCs) leading the volume. Partner-originated and tokenized loans accounted for 76% of this volume, with the Figure Connect marketplace expanding its contribution to 46% of all loan activity. This asset-light model, supported by increased take rates on partner loans and expanding partner ecosystems, expanded adjusted EBITDA margins to nearly 55%. Bernstein reaffirmed its outperform rating and $54 price target on Figure stock (FIGR), implying about 56% upside from its recent closing price.
(Source：The Block)