TheBlock
Bernstein reiterated its Outperform rating and $67 price target on Figure Technology Solutions after Q1 2026 loan volumes hit $2.9 billion, up 113% year-over-year. Adjusted net revenue of $167 million beat consensus by 6%, and the firm argues the 72% gap between its target and FIGR's current $38.97 print reflects a mispricing — investors are still valuing the company like a fintech, not a pure-play tokenization platform.
Why it matters
The tokenization call is the load-bearing piece of the thesis. Figure's HELOC-native blockchain rails let originators move whole loans on-chain, fractionalize them, and settle in near-real-time — a structural cost advantage that a traditional lending balance sheet can't replicate. If that stack holds at scale, the multiples of legacy mortgage-tech peers are the wrong comp set.
Market impact
A doubled loan-origination quarter with a clean revenue beat makes the bear case harder to argue on fundamentals alone. The debate now shifts to whether the tokenization premium earns itself: comparable on-chain private credit protocols have shown what credible collateral backing can do to financing spreads, and Bernstein is betting FIGR captures a similar dynamic inside a regulated, consumer-loan wrapper.
Frequently asked questions
-
What is Figure Technology Solutions' current price target from Bernstein?
Bernstein reiterated its Outperform rating and $67 price target on Figure Technology Solutions after Q1 2026 results, implying roughly 72% upside from the $38.97 share price at the time of the note.
-
How much did Figure's loan originations grow in Q1 2026?
Loan volumes hit $2.9 billion in Q1 2026, up 113% year-over-year, with adjusted net revenue of $167 million beating consensus by 6%.
-
Why does Bernstein see Figure as a tokenization play rather than a fintech?
Bernstein argues Figure's HELOC-native blockchain rails let originators move whole loans on-chain, fractionalize them, and settle near-real-time — a structural cost advantage legacy mortgage-tech balance sheets cannot replicate.
-
What does the tokenization thesis mean for Figure's valuation multiple?
Bernstein contends investors are applying fintech multiples to FIGR when the appropriate comp set is on-chain private credit and tokenization platforms, which have historically commanded higher multiples when collateral backing is credible.
-
What would invalidate Bernstein's Figure price target?
A breakdown in the tokenization premium — either regulatory pushback on on-chain loan settlement or a deceleration in origination growth — would force a re-rating back toward traditional fintech multiples and shrink the upside to Bernstein's $67 target.
WuBlockchain
CoinDesk
Crypto Rank News
Crypto News
Lookonchain
CoinTelegraph