Bernstein reiterates $67 Figure target as Q1 loan volumes double — 72% upside if tokenization thesis lands!

Bernstein has reiterated its Outperform rating and $67 price target on Figure Technology Solutions after the company reported Q1 2026 loan volumes of $2.9 billion — a 113% year-over-year surge — alongside adjusted net revenue of $167 million, beating consensus by 6%. With FIGR shares currently trading at $38.97, the target implies 72% upside from current levels.

The core of Bernstein's thesis is a valuation re-rating argument: analysts contend the market is mispricing Figure by treating it as a conventional fintech rather than a pure-play tokenization platform. That distinction matters — tokenization comps command materially higher multiples than lending-book comps, and Bernstein believes the gap between the two is where the alpha lives.

For investors tracking the broader tokenization narrative, Figure's loan volume trajectory is one of the cleaner real-world data points available. A…