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FollowingBank of America upgraded Figure Technology Solutions to "neutral" and raised its price target to $49.
Bank of America upgraded Figure Technology Solutions (NASDAQ: FIGR) to "neutral" from "underperforming" and raised its price target to $49 from $31. This adjustment is mainly based on the company's blockchain-driven lending business showing stronger growth momentum. As of press time, the stock was trading at $39.68, an increase of about 4%.
Figure Technology Solutions is a financial technology company that uses blockchain infrastructure to simplify consumer and institutional lending, transaction and capital markets processes. Its native blockchain platform aims to connect borrowers, lenders and investors, while reducing intermediation links in traditional financial markets.
Drivers behind the rating upgrade
The rating upgrade is mainly driven by stronger revenue growth prospects, particularly for Figure Connect, the company's blockchain native lending market. Bank of America also increased the valuation multiple applied to the company from 17.5 times earnings per share to 25 times, citing improved fundamentals and stronger growth prospects through 2028.
Analysis of Key Financial Data
According to the data released by the financial report, Figure's consumer loan market size in the second quarter of 2026 reached US$4.3 billion, a year-on-year increase of 132%. Among them, Figure Connect, a light capital market, contributed US$2.8 billion, accounting for 65% of the total, compared with 42% in the same period last year.
Documents show that the company added 102 new partners during the quarter, bringing its total active partners to 489, covering mortgage banks, deposit-taking institutions, service providers and financial technology companies.
Figure expects the consumer loan market to be between $4.8 billion and $5.2 billion in the third quarter. The market size in July was US$1.7 billion, and management pointed out that historically July performance has usually been a good indicator for the entire quarter.
It is worth noting that this third-quarter guidance was released before Figure completed its $717 million acquisition of Kiavi on September 1. According to the company, the deal is expected to add more than $7 billion in new front-line loans to the market each year.
Valuation analysis: Stock prices are still expensive
Bank of America said that its previous "underperformance" rating given in February 2026 was mainly due to concerns about valuation. Now, the bank believes those concerns have eased as Figure's fundamental growth story strengthens.
However, Figure's current P/E ratio is about 43 times, meaning investors pay about 43 times the company's earnings per share. This caused stocks to trade well above Bank of America's new 25-fold yield multiple, indicating that the market has factored in significant future growth expectations.
Financial report data showed that the company's net income for the quarter was US$225.6 million, a year-on-year increase of 113%; net profit increased 192% to US$87.4 million. Diluted earnings per share were $0.35. The net interest rate reached 38.8%, up from 28.3% in the same period last year. Adjusted EBITDA increased 126% to $119.4 million, and adjusted EBITDA margin was 54.6%.
