Bernstein maintains its target price of $67 for Figure, with strong Q1 performance

Bernstein reiterated its rating of Figure Technology Solutions (FIGR) as "outperforming the market" with a target price of $67, implying approximately 72% upside potential compared to the current stock price of $38.97. The scale of loan disbursement in Figure Q1 2026 reached 2.9 billion US dollars, a year-on-year increase of 113%; Adjusted revenue of 167 million US dollars, a year-on-year increase of 92%, exceeding market expectations by 6%; Adjusted EBITDA is $827 million, with a profit margin of approximately 50%, slightly higher than market expectations. GAAP diluted EPS was $0.18, lower than expected by approximately 9%, due to the impact of $260 million in equity incentive expenses. Significant expansion of tokenization ecosystem: YLDS, a revenue oriented securities token, reached a scale of 598 million US dollars (+80% month on month); Stock loan balance of 368 million US dollars (+79%); Small business loan income of 60 million US dollars. The current stock price is 36% lower than the IPO issuance price in 2025, but there is still a gap from the historical high of 78. （The Block）