Figma (FIG) Stock Surges as Three Major Banks Turn Bullish on AI Growth

Key Takeaways

• Bank of America resumed Figma (FIG) coverage with a Buy rating and $30 price target, driving shares up approximately 5% in pre-market hours
• BofA’s Tal Liani positioned AI as a growth catalyst for Figma, arguing it will expand the platform’s reach instead of replacing it
• During Q1 2026, three-quarters of enterprise clients bought extra AI credits once they exceeded their baseline usage caps
• Citigroup ($36 target, Buy) and Goldman Sachs ($30 target, Buy) have also taken positive stances — Figma now enjoys backing from three leading banks
• Shares had plummeted approximately 85% from their 52-week peak prior to this week’s rebound

Bank of America brought Figma (FIG) back into its coverage universe on Tuesday, assigning a Buy recommendation alongside a $30 price objective that helped propel shares roughly 5% higher in early trading.

Figma, Inc., FIG

BofA’s Tal Liani issued the upgrade, positioning artificial intelligence as a growth accelerator for Figma instead of a competitive threat. Liani’s perspective suggests AI will democratize product development, pulling more users into design workflows and boosting demand for collaborative platforms like Figma.

FIG had experienced a brutal selloff from its peak. Shares tumbled around 85% from their 52-week high, pressured by fears that AI technology might erode Figma’s competitive moat.

As of Tuesday morning, the stock was changing hands near $22.51, recovering from its 52-week bottom of $16.60.

Enterprise Customers Are Embracing AI Features

The BofA analysis wasn’t purely speculative — it referenced tangible usage data supporting the bullish thesis.

During the first quarter of 2026, 75% of enterprise accounts purchased supplementary AI credits after hitting their initial allocation limits. This represents clear evidence that customers are actively adopting AI capabilities rather than shunning them.

Enterprise traction remains robust across the board. Accounts generating over $100,000 in annual recurring revenue expanded 48% compared to the prior year. Net dollar retention registered at 139%, while paid-user expansion reached 54%.

These metrics reinforced Liani’s confidence in Figma’s dual pricing strategy combining consumption-based and seat-based elements, which he believes positions the company to capture expanding usage patterns.

Analyst Sentiment Is Shifting Positive

BofA isn’t standing alone in its optimism. Citigroup launched coverage on July 1 with a Buy recommendation and $36 price objective. Goldman Sachs maintains a Buy stance with a $30 target as well.

This gives Figma endorsements from three heavyweight Wall Street institutions — a meaningful change in sentiment from the pessimism that weighed on shares earlier.

Three Form 4 insider documents were filed on July 6, signaling recent ownership transactions by company insiders.

Broader market conditions weren’t helping FIG on Tuesday, with Nasdaq 100 Futures declining 0.9% before the opening bell. The stock’s advance occurred despite this challenging backdrop.

Figma’s turnaround actually started before Tuesday’s BofA report. The company’s addition to key Russell indexes during June’s annual rebalancing sparked passive fund purchases that helped lift shares from their lows.

With FIG still trading beneath the average analyst price target and enterprise performance indicators trending positively, Tuesday’s pre-market strength signals increasing institutional conviction in the turnaround narrative.

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