Research and brokerage firm Bernstein recently issued a report reiterating its 'outperform' rating on Figure Technology Solutions (FIGR) with a price target of $67. While the firm had lowered its target from $72 in late March, Figure’s robust first-quarter loan origination data serves as the primary catalyst for maintaining a high outlook.
Based on the closing price of $32.30 on April 6, Bernstein’s target suggests an upside of approximately 107%. Analysts noted that the valuation is based on a 25x multiple of the company’s projected 2027 EBITDA.
Record-Breaking Loan Volume
The analyst team led by Gautam Chhugani reported that Figure reached approximately $1.2 billion in loan originations in March 2026, marking the first time the company has surpassed the $1 billion monthly threshold since its inception. This represents a 33% increase compared to February.
Data shows that Figure’s total loan volume for the first quarter hit $2.9 billion, a 7% increase quarter-over-quarter and a massive 113% surge year-over-year. Analysts pointed out that while the first quarter is typically a slow season for Home Equity Lines of Credit (HELOC), Figure managed to buck the trend. This growth is attributed to its network of over 300 active partners and the successful expansion into emerging loan categories.
Currently, Figure’s annualized loan volume has reached $12 billion, with full-year 2026 originations projected to hit $12.8 billion—a 53% year-over-year growth rate. Analysts highlighted the strong performance of Figure’s tokenized credit marketplace (Connect), which is expected to account for 56% of the company’s total loan volume moving forward.
Bernstein also highlighted Figure’s progress in first-lien loans. Although these carry lower fees than standard HELOCs, they accounted for 19% of the business in the fourth quarter of 2025. With new loan categories now representing 13% of the mix, Figure’s business structure is increasingly diversifying.