Analysts at Bernstein argue Figure Technology Solutions could be undervalued as its lending volumes accelerate and its tokenized credit marketplace scales. In a Monday note the firm assigned Figure an “Outperform” rating and set a $67 price target — roughly twice the stock’s recent trading level near $32.
The bullish view follows a surge in origination activity. Figure reported $1.2 billion in loans originated in March, a 33% month‑over‑month increase and the first time monthly volumes topped $1 billion. First‑quarter originations totaled $2.9 billion, more than double the year‑ago quarter and running at an annualized pace near $12 billion — notable given HELOC seasonality.
Figure focuses mainly on home equity lines of credit (HELOCs), offering homeowners access to equity often at rates below unsecured alternatives. The company uses the Provenance blockchain to streamline loan processing; Provenance estimates blockchain-based transactions cut about 117 basis points of cost per loan. Bernstein highlights additional growth drivers including rising consumer loan demand, an expanding partner network and continued rollout of Figure’s blockchain infrastructure, including its YLDS stablecoin.
Operational results have been mixed but improving: Figure posted higher revenue and earnings in the fourth quarter, though profit missed consensus. Shares have been volatile, down more than 20% year‑to‑date amid pressure on digital asset–linked stocks, and the stock has not sustained momentum since its Nasdaq debut last September, which valued the company at nearly $800 million.
Bernstein’s valuation equates to roughly 25 times projected 2027 EBITDA, a premium to many digital‑asset peers that reflects the combined tokenization platform and lending prospects. Key risks include sensitivity of HELOC demand to mortgage refinancing trends and signs of stress in the broader private credit market.