Two major Wall Street investment banks have issued different views on newly published fintech company figures (FIGRs).
Keefe, Bruyette & Woods (KBW) have begun covering figures suggesting a 17.5% increase with an “outperform” rating and a 12-month price target of $48.50. The bank praised the figure's early domination in the tokenized credit market, according to KBW estimates.
Founded by former Sofi CEO Mike Cagney, the figure was released in September and has risen 12% since the IPO. Its core business tokenize HELOCs and connects borrowers to investors through a vertically integrated platform that includes loan origins, distribution and digital asset markets.
KBW believes its figure tech stack is underutilized and can support a wider range of credit assets, including First Lean mortgages and personal loans. It also pointed out a rise from products such as figure exchanges and tokenization tools for third-party assets.
Another broker, Bernstein, has previously launched stock compensation with a brighter prospect. It evaluates the figures as “outperform” with a $54 price target, citing the company lending what Stablecoins did to pay, making the market faster and more efficient.
Read more: Figures are the pioneer of blockchain in the credit market, says Bernstein.
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However, Bank of America took a more cautious view.
We have started coverage with a “neutral” rating and a price target of $41. This cites the risks of execution, regulation and persons relying on HELOC businesses that generate most of its profits and are not yet completely blockchain native.
Bofa sees Connect, a new market that will help lenders match capital providers, as its next growth driver. The bank expects to account for 75% of the company's total revenue growth rate between 2024 and 2027.
Both banks recognized figure leadership in the neglected corner of consumer lending, but they split into how the company could easily expand to the wider fintech platform. Bofa cited possible obstacles to changing regulatory rules, including competition with large institutions, other tech providers, and renewing the truth behind the lending law.
Differences in price targets – $48.50 from KBW vs. $41 from BOFA – reflects the uncertainty surrounding whether figure blockchain infrastructure can move from niche use to a more central role in modern finance.
read more: Blockchain-based lender figure price IPO is $25 per share, raising nearly $788 million
