Figure Highlighted as Blockchain Innovator in Credit Markets by Bernstein, Initiates Coverage Outperform

Bernstein has launched coverage of Figure (FIGR) with an outperform rating and a $54 price target, implying roughly 35% upside from Friday’s $40 close. The stock traded up about 2% in early trading to $41.10.

The brokerage highlighted Figure as a leader in blockchain-based credit markets, likening its impact on lending to what stablecoins accomplished in payments. By tokenizing traditional assets, Figure enables faster, more efficient lending markets.

Controlling roughly 75% of the $17 billion tokenized private credit market, Figure shifts lending from a balance-sheet-heavy model to a capital-light marketplace, giving investors direct access to consumer loans. Bernstein estimates the addressable market for credit tokenization exceeds $2 trillion, offering substantial growth opportunities as Figure expands into other loan products and equities.

The firm cited Figure’s experienced management team, 170 origination partners, and over 15 private credit investors as key strengths. Already the top independent U.S. home equity line of credit (HLOC) lender, Figure originated $5.1 billion in 2024. Bernstein projects revenue growth from $341 million in 2024 to $754 million by 2027, fueled by its Connect marketplace.

Figure went public last month at $25 per share, valuing the company at $787.5 million.