Analyst Elizabeth Porter of Morgan Stanley maintained a Hold rating on Figma, Inc. Class A, retaining the price target of $65.00.
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Elizabeth Porter’s rating is based on a combination of factors that reflect both opportunities and challenges for Figma, Inc. The company has announced a new monetization strategy for AI credits, which introduces a potential new revenue stream starting in March 2026. This move comes at a strategic time as Figma will be lapping previous pricing and packaging changes from March 2025. However, while this new revenue stream is promising, it is expected to take time to scale and significantly impact Figma’s overall business.
Moreover, although the implementation of credit limits across all seat types could help offset some of the impacts from the previous year’s pricing changes, there is still uncertainty about the durability of growth in the face of tough pricing comparisons. With Figma trading at a 14x EV/S multiple, Elizabeth Porter suggests a cautious approach, awaiting more data to confirm sustained growth and margin improvements. Therefore, the Hold rating reflects a balanced view of potential upside from AI monetization against the need for more evidence of consistent growth in a competitive market.
Porter covers the Technology sector, focusing on stocks such as Autodesk, Zeta Global Holdings Corp, and Twilio. According to TipRanks, Porter has an average return of -7.0% and a 41.35% success rate on recommended stocks.