Key Takeaways
- Bernstein maintains “Outperform” rating on FIGR with $67 price target, suggesting approximately 67% potential upside
- Despite a nearly 10% gain in the past month, FIGR remains undervalued according to Bernstein’s analysis
- April loan volumes reached $1.34 billion, representing 108% year-over-year expansion
- The addressable market for tokenized credit products is valued at approximately $4 trillion by Bernstein
- The company is diversifying beyond HELOCs, entering auto financing, mortgage lending, and small-business credit through its Hastra platform
Shares of Figure Technology Solutions (FIGR) have advanced close to 10% during the past month, currently changing hands near the $40 mark. Yet Bernstein analysts believe significant value remains untapped.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
On Tuesday, Bernstein reaffirmed its “Outperform” stance with a $67 price objective — representing potential gains of approximately 67% from present trading levels.
The investment thesis extends well beyond traditional lending operations. It centers on Figure’s strategic transformation.
Analysts at Figure characterize the company as undergoing a fundamental shift — evolving from a specialized home equity line of credit provider into a comprehensive platform powered by blockchain technology and artificial intelligence-enhanced credit infrastructure.
The central innovation involves tokenization: transforming conventional loans into blockchain-based digital assets capable of real-time settlement while eliminating traditional financial intermediaries.
According to Bernstein’s research, the potential market for tokenized credit instruments spans roughly $4 trillion. This represents a substantially larger opportunity than HELOC origination by itself.
This massive $4 trillion opportunity encompasses multiple loan categories — including mortgages, automotive financing, home equity products, and small-business credit — all areas where Figure is actively pursuing expansion.
Strong Lending Momentum Supports Investment Case
The operational metrics tell a compelling story. April loan originations totaled $1.34 billion, reflecting 108% growth compared to the prior year.
This achievement also represents the second consecutive month where Figure surpassed $1 billion in volume — indicating that expansion is sustainable rather than temporary.
Bernstein forecasts aggregate loan volumes will climb to $16.5 billion by 2027, compared with anticipated 2025 volumes of $8.4 billion. That trajectory represents near-doubling within a two-year timeframe.
Hastra Platform and Blockchain-Based Credit Expansion
Figure has entered the automotive lending sector via its Hastra infrastructure, which serves as a bridge connecting tokenized credit offerings to decentralized finance protocols and broader blockchain ecosystems.
The company faces competition in this emerging sector. Centrifuge has similarly broadened its DeFi infrastructure to incorporate tokenized credit instruments and US Treasury securities across multiple blockchain networks.
For perspective, the current tokenized credit market stands at roughly $5.5 billion — representing a fraction of Bernstein’s $4 trillion long-term projection.
This substantial valuation gap forms the foundation of the bullish investment thesis.
Bernstein’s $67 price objective remains consistent with its earlier analysis, with the firm preserving its positive outlook without modifications.
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