Bernstein sees over 100% upside for Figure as monthly loan volume tops $1 billion for first time

Bernstein analysts have maintained an outperform rating on Figure Technology Solutions (FIGR) with a $67 price target, implying over 107% upside from its current stock price. This reiteration follows preliminary first-quarter results that show Figure's monthly loan origination volume surpassed $1 billion for the first time in March 2026, a milestone attributed to the success of its tokenized credit marketplace. Figure reported approximately $1.2 billion in consumer loan volume for March, a 33% month-over-month increase, and $2.9 billion for the first quarter, marking 7% sequential growth and 113% year-over-year growth. Despite Q1 historically being a slow period for HELOCs, Figure's growth highlights its strong partner network and the success of new loan categories. Bernstein forecasts Figure to originate $12.8 billion in loan volumes for 2026, a 53% year-over-year increase, with new loan categories contributing significantly. The research firm also expects Figure's Connect marketplace to become its dominant model. However, Bernstein identified macro risks such as potential interest rate declines impacting competition and demand, and delays in expanding non-HELOC loan categories.

(Source：The Block)