Bernstein has kept an Outperform rating on Figure Technology (NASDAQ:FIGR), assigning a $72.00 price objective - a level that translates to about 15% upside versus the prevailing share price of $62.49.
In a note to investors, Bernstein designated Figure as its "top pick for 2026," underlining the company’s role as a "pure play tokenization platform for credit." The research house pointed to Figure’s sizable one-year performance - up 105% - even as the stock slipped roughly 11% over the past week.
Bernstein also documented Figure’s progress on building a tokenized equities product known as OPEN, expanding the company’s portfolio of blockchain-based financial services. While acknowledging broad investor interest in Figure Technology, the firm observed that "investors are still grappling with the business model." To address that uncertainty, Bernstein prepared what it termed a "short primer" outlining the company’s process flow and unit economics, and described the tokenization approach as a "game changer" for loan processing.
Figure’s recent operational disclosures have contributed to the surge in analyst attention. The company pre-released select fourth-quarter 2025 metrics showing consumer loan marketplace volumes that exceeded Piper Sandler’s forecasts by more than 20%. That print prompted Piper Sandler to raise its price target to $75 from $55 while maintaining an Overweight rating.
Jefferies followed with its own upgrade to price assumptions after Figure published its first monthly operating report. Jefferies lifted its target to $55 from $40 after the report disclosed preliminary consumer loan marketplace volumes of $2,705 million, a result that beat consensus estimates by 16%.
Mizuho has also revised its outlook, increasing its price target to $64 from $56 and citing multiple catalysts for fintech and payments entering 2026. Bernstein itself adjusted its price target upward to $72 from $54, pointing to Figure’s underlying business model and the potential to expand into additional lending categories.
In product development news, Figure announced the launch of its On-Chain Public Equity Network. The platform will allow companies to list equity directly on a public blockchain and enable continuous trading of blockchain-registered equities through Figure’s Alternative Trading System.
Overall, the combination of rising analyst price targets, reported marketplace volumes, and new blockchain product introductions has reinforced analyst conviction while leaving some investors seeking clearer economic models and unit-level economics from Figure Technology.
Key points
- Bernstein reiterated an Outperform rating on FIGR with a $72.00 price target, implying roughly 15% upside from $62.49.
- Figure was named Bernstein’s "top pick for 2026" and described as a "pure play tokenization platform for credit."
- Several banks - including Piper Sandler, Jefferies, and Mizuho - raised price targets after strong consumer loan marketplace volumes and initial operating reports.
Sectors impacted
- Fintech - product innovation in tokenization and marketplace lending.
- Capital markets - new on-chain equity trading via an Alternative Trading System.
- Payments and lending - potential catalysts for fintech and payments in 2026 as noted by analysts.
Risks and uncertainties
- Investor confusion over Figure’s business model - analysts note investors are "still grappling with the business model," which could affect sentiment in the fintech and lending sectors.
- Reliance on continued growth in consumer loan marketplace volumes - analyst upgrades were tied to stronger-than-expected volumes; volatility in these volumes could influence valuations.
- Execution and expansion into new lending categories - Bernstein cited potential expansion as a driver for its higher target, but realization of that potential remains uncertain.