Key Takeaways
- Bernstein maintains “Outperform” rating on FIGR stock with $67 price target, suggesting approximately 67% potential upside
- Despite a nearly 10% gain in the past month, FIGR shares remain undervalued according to Bernstein’s analysis
- April loan volumes reached $1.34 billion, representing 108% year-over-year growth
- The addressable market for tokenized credit products is estimated at $4 trillion by Bernstein
- The company is diversifying beyond home equity into auto financing, mortgages, and small-business credit through its Hastra platform
Shares of Figure Technology Solutions (FIGR) have posted gains of nearly 10% throughout the past month, currently hovering around the $40 mark. Yet according to Bernstein, there’s significant room for further appreciation.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
In a research report released Tuesday, Bernstein reaffirmed its “Outperform” recommendation alongside a $67 price objective — representing potential upside of roughly 67% from present trading levels.
The investment thesis extends well beyond traditional lending operations. It centers on Figure’s strategic transformation.
Bernstein characterizes Figure as an evolving enterprise — transitioning from its roots as a home equity line of credit (HELOC) provider into a comprehensive blockchain-based platform powered by artificial intelligence for credit markets.
The central innovation involves tokenization: transforming loans into blockchain-based tradable instruments that enable real-time settlement while eliminating conventional intermediaries.
Bernstein estimates the total addressable market for tokenized credit products at approximately $4 trillion. This represents a substantially larger opportunity than HELOC origination by itself.
This $4 trillion market encompasses multiple loan categories — including mortgages, automotive financing, HELOCs, and small-business credit — all areas where Figure is actively pursuing expansion.
Strong Loan Volume Growth Supports Investment Case
The performance metrics paint a compelling picture. April loan volumes totaled $1.34 billion, reflecting 108% growth compared to the prior year.
This achievement also represents the second consecutive month where Figure exceeded the $1 billion volume mark — indicating that expansion is gaining momentum rather than being temporary.
Bernstein forecasts total loan originations will climb to $16.5 billion by 2027, compared to an anticipated $8.4 billion in 2025. This trajectory represents near-doubling within a two-year timeframe.
Hastra Platform Drives Blockchain Credit Strategy
Figure has entered the auto loan sector via its Hastra ecosystem, which serves as infrastructure to integrate tokenized credit offerings into decentralized finance (DeFi) markets and broader blockchain networks.
The company isn’t operating in isolation. Centrifuge has similarly broadened its DeFi infrastructure to encompass tokenized credit instruments and US Treasury products across multiple blockchain protocols.
For perspective, the current tokenized credit market stands at approximately $5.5 billion — representing a fraction of Bernstein’s $4 trillion long-term market projection.
This substantial gap forms the foundation of the optimistic investment outlook.
Bernstein’s $67 price objective remains consistent with prior analyses, with the firm keeping its overall assessment unchanged.
