Is Figure Technology (FIGR) Stock a Buy? Bernstein Thinks There’s 67% More to Go

TLDR

• Bernstein reiterates “Outperform” on FIGR with a $67 price target, implying ~67% upside
• FIGR has risen nearly 10% over the past month but Bernstein says it remains undervalued
• Loan volumes hit $1.34 billion in April, up 108% year over year
• Bernstein estimates the tokenized credit addressable market at $4 trillion
• Figure is expanding beyond HELOCs into auto loans, mortgages, and small-business lending via its Hastra ecosystem

Figure Technology Solutions (FIGR) stock has climbed nearly 10% over the past month, trading around $40. Despite that run, Bernstein says the stock is still undervalued.

Figure Technology Solutions, Inc. Class A Common Stock, FIGR

In a Tuesday research note, Bernstein reiterated its “Outperform” rating with a $67 price target — implying roughly 67% upside from current levels.

The firm’s bullish case isn’t just about lending. It’s about what Figure is becoming.

Bernstein frames Figure as a company in transition — moving from a home equity line of credit (HELOC) originator into a broader platform built on blockchain infrastructure and AI-driven credit markets.

The key concept here is tokenization: converting loans into tradable onchain assets that can settle in real time, cutting out traditional intermediaries.

Bernstein puts the addressable market for tokenized credit at around $4 trillion. That’s a much bigger sandbox than HELOC lending alone.

That $4 trillion figure covers a wide range of loan types — mortgages, auto loans, HELOCs, and small-business loans — all segments where Figure is now pushing to expand.

Loan Growth Backing the Thesis

The growth numbers are hard to ignore. Loan volumes hit $1.34 billion in April, up 108% year over year.

That also marks the second straight month Figure has crossed the $1 billion threshold — a milestone that suggests the scaling isn’t a one-off.

Bernstein projects total loan volumes will reach $16.5 billion by 2027, up from $8.4 billion expected in 2025. That’s nearly a doubling in two years.

Hastra and the Onchain Credit Push

Figure has been moving into auto loans through its Hastra ecosystem, which is designed to plug tokenized credit products into decentralized finance (DeFi) and wider blockchain markets.

It’s not alone in this space. Centrifuge has also expanded its DeFi platform to include tokenized credit and US Treasury products across new blockchain networks.

For context, the broader tokenized credit market currently sits at around $5.5 billion — tiny relative to Bernstein’s $4 trillion long-term estimate.

That gap is exactly what the bull case is built on.

Bernstein’s price target of $67 remains unchanged from its previous note, and the firm maintained its overall outlook without revision.

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