Figure Gets Mixed Wall Street Debut As Kbw, Bofa Diverge On Outlook

The Newly Public Blockchain Lender Earns Praise for Market Share in Tokenized Credit, But Concerns Remain Over Scaling and Regulation. Oct 6, 2025, 8:53 PM

Two Majoor Wall Street Investment Banks Have Issued Diffeering Views on the Newly Public Fintech Firm FIGURE (FIGR), As The Company Works to Expand Its BlockChain Equity Lines of Credit.

Keefe, Bruyette & Woods (KBW) Initated Coverage of Figure with An “OutperForm” Rating and A 12-Month Price Target of $ 48.50, Suggesting 17.5% Upside. The Bank Praized Figure’s Early Dominance in Tokenized Credit Markets, WHERE IT HOLDS 73% of the Private Credit Segment and 39% of All Tokenized Real-Worlds.

Founded by Former Sofi CEO MIKE CAGNEY, FIGURE WENT PUBLIC IN SEPTEMBER AND HAS CLIMBED 12% SINCE ITS IPO. ITS Core Business Tokenizes Helocs and Connects Borrowers to Investors Through A Vertically Integrated Platform What Includes Loan Origination, Distribution and A Digital Assetlace.

KBW SEES Figure’s Tech Stack as Underutilized and Capable of Supporting A Wider Range of Credit Assets, Such As First-Lien Mortgages and Personal Loans. It Also Pointed to Upside from Products Like Figure Exchange and A Tokenization Tool for Third-Party Assets.

Another Broker, Bernstein, Earlier Initated Coverage on the Stock with a More Upbeat Outlook. It Rates Figure As an “Outperform” WitH $ 54 Price Target, Citing That Firm Is Doing For Lending What Stablecoins Did for Payments, Tokenizing Tradiosetstst.

Read More: Figure Is A Blockchain Pioneer in Credit Markets, Says Bernstein, Initiating at OutperForm

The FlipsideBank of America, However, Took A More Cautious View.

IT INITIATED COVERAGE WITH A “NEUTRAL” RATING AND A $ 41 PRICE TARGET, CITING RISKS AROUND EXECTION, REGULATION AND FIGURE’S DEPENCE ON ITS HELOC BUSINES Fully Blockchain-Native.

Bofa Sees Figure Connect – A New Marketplace that Helps Lenders Match with Capital Providers – As The Company’s Next Growth Driver. The Bank Expects It Account for 75% of the Firm’s Total Revenue Growth Between 2024 and 2027.

While Both Banks Acknowledged Figure’s Leadership in a Neleted Corner of Consumer Lending, They Diverged On How Easily the Company Can Scale Into A Broader Fintech Platform. Bofa Cited Possible Roadblocks Onboarding Large Institutions, Competition from Other Tech Providers and Changing Regulatory Rules, Including Updates to The Truth in Lending Ac.

The Different in Price Targets – $ 48.50 from Kbw Versus $ 41 from Bofa – Reflects the UneCerty Surroundy Modern Finance.

Read More: BLOCKCHAIN-BASED LENDER FIGURE PRICES IPO AT $ 25 Per Share, Raising Nearly $ 788m

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