BofA Flips Bullish on FIGR as Figure Connect Drives Growth

Figure Technology Solutions (FIGR) received an upgrade from BofA Securities to Neutral from Underperform, with a new price target of $49. The stock responded by rising as much as 5.32% in trading.

The upgraded rating was driven by the performance of Figure Connect, the company's blockchain-native loan marketplace, which saw 132% year-over-year volume growth in Q2 2026 and now accounts for 65% of total volumes.

Figure Connect also added 102 new partners during the quarter, growing its partner base by 26% quarter-over-quarter. Management guided volumes up 16% quarter-over-quarter for Q3 2026, with July volumes reaching $1.7 billion and putting the quarter on track for a $5.1 billion run rate.

The company's earnings beat expectations, with reported Q2 EPS of $0.35 and revenue of $218.45 million. Institutional interest has been increasing, with Public Employees Retirement System of Ohio taking a new stake worth around $1.24 million in Q2.