Bernstein started the scope of Figure (Fig) with an outperform rating and a $ 54 target price, calling it a blockchain leader to credit markets, the broker said in a Monday report.
The stock was 2% higher in early trade, around $ 41.10.
Bernstein said the figure for lending is made by stablecoins for payments, token with traditional owners to make markets faster and better.
With approximately 75% of the $ 17 billion tokenized private credit market, the figure is the clear frontrunner, according to analysts led by Gautam Chhugani.
The figure’s blockchain platform changes the lending from a heavy sheet-heavy model to a capital-light market, giving investors direct access to consumer loans, the report mentioned.
Bernstein estimated that the addressable market for credit tokenization exceeds $ 2 trillion, providing a “massive growth headroom” as the figure expands beyond the home equity lines with other loan products and even equality -equality.
The broker noted the experienced figure management team and extensive distribution network, with 170 origin partners and more than 15 private investors in credit, as major strengths. The figure is the leading independent of the Credit (HLOC) equity line (HLOC) in the US, derived from nearly $ 5.1 billion in 2024, or approximately 3% of the market.
Bernstein hopes to increase revenue from $ 341 million to 2024 to $ 754 million by 2027, a 30% annual growth rate, driven by the figure’s connect market. In about 19x EV/2027 EBITDA and 30x P/E, the trading in the figure in a premium, but Bernstein said the dominance, profitability, and exposure to the fast-paced tokenization justify appreciation.
The figure went public last month. It priced the IPO for $ 25 per part, appreciating the company for $ 787.5 million.
Read more: The Blockchain IPO -based figure price
