Key Takeaways
- Bernstein maintains “Outperform” rating on Figure Technology with a $67 price target, suggesting approximately 67% potential upside
- Despite a nearly 10% monthly gain, FIGR shares remain significantly undervalued according to Bernstein’s analysis
- April loan originations reached $1.34 billion, representing 108% growth compared to the prior year
- Analysts peg the addressable tokenized credit market at an estimated $4 trillion
- The company is broadening its scope beyond home equity products into auto financing, mortgage lending, and small business credit through its Hastra platform
Figure Technology Solutions (FIGR) shares have posted gains of nearly 10% during the past 30 days, currently hovering around the $40 mark. Yet Bernstein believes substantial value remains untapped.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
In a research note released Tuesday, Bernstein maintained its “Outperform” rating alongside a $67 price objective — representing approximately 67% appreciation potential from present trading levels.
The investment firm’s optimistic outlook extends beyond traditional lending fundamentals. It’s centered on Figure’s strategic transformation.
Bernstein characterizes the company as undergoing a fundamental shift — evolving from a specialized home equity line of credit (HELOC) provider into a comprehensive financial platform powered by blockchain technology and artificial intelligence-driven credit infrastructure.
The central innovation involves tokenization: transforming traditional loans into blockchain-based digital assets that enable real-time settlement and eliminate conventional financial intermediaries.
According to Bernstein’s research, the total addressable market for tokenized credit instruments reaches approximately $4 trillion. This represents a dramatically larger opportunity than the HELOC segment alone.
This massive $4 trillion estimate encompasses diverse credit categories — including residential mortgages, automotive financing, home equity products, and commercial small business lending — all areas where Figure has initiated expansion efforts.
Impressive Origination Growth Supporting the Investment Case
The operational metrics paint a compelling picture. April origination volumes totaled $1.34 billion, reflecting 108% year-over-year expansion.
This achievement also represents the second consecutive month Figure surpassed the $1 billion origination benchmark — indicating the growth trajectory demonstrates sustainability rather than temporary momentum.
Bernstein’s financial model forecasts total loan originations will climb to $16.5 billion by 2027, up substantially from the anticipated $8.4 billion in 2025. This represents nearly 100% growth across a two-year period.
The Hastra Platform and Blockchain Credit Strategy
Figure has entered the automotive lending sector via its Hastra infrastructure, engineered to integrate tokenized credit instruments with decentralized finance (DeFi) protocols and broader blockchain ecosystems.
The company isn’t pioneering this space in isolation. Centrifuge has similarly broadened its DeFi infrastructure to incorporate tokenized credit instruments and United States Treasury products across multiple blockchain networks.
For perspective, the current tokenized credit market stands at approximately $5.5 billion — representing a fraction of Bernstein’s $4 trillion long-term market potential.
This substantial valuation gap forms the foundation of the bullish investment thesis.
Bernstein’s $67 price objective remains consistent with prior research coverage, with the firm leaving its fundamental outlook and rating unchanged.
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