Bernstein reiterated its target price for Figure at $67, citing a 72% upside potential driven by tokenization.

According to Mars Finance, Bernstein reiterated its "Outperform" rating on Figure Technology Solutions (FIGR) and maintained its target price of $67, implying approximately 72% upside from the current share price of $38.97. Figure's Q1 2026 performance was strong: loan origination reached $2.9 billion, a year-over-year increase of 113%; adjusted revenue was $167 million, a year-over-year increase of 92%, exceeding market expectations by 6%; adjusted EBITDA was $82.7 million, with a profit margin of approximately 50%, slightly higher than market expectations. However, GAAP diluted EPS was $0.18, lower than expected by approximately 9%, mainly due to a $26 million share-based compensation expense. Bernstein analysts believe that this performance should reshape the market's perception of Figure, which is not a traditional lending company but rather a "tokenized capital markets platform," with core profitability derived from network fees and scaled operational leverage. They maintain a valuation of 25 times 2027 EBITDA. Furthermore, the tokenization ecosystem continues to expand: the yield-generating security token YLDS reached $598 million (up 80% quarter-over-quarter); equity lending product balances reached $368 million (up 79%); and small business lending contributed $60 million in revenue. The current share price is still not far below the 2025 IPO price of $36, but significantly lower than the all-time high of $78.