Figma initiated with a Neutral at BofA on valuation

As previously reported, BofA initiated coverage of Figma (FIG) with a Neutral rating and $85 price target As the user interface/user experience design “leader,” Figma is well positioned to continue gaining share in the $36B digital design industry with “several formidable competitive advantages,” the analyst tells investors. However, Figma shares are trading at a significant premium to the large cap software group and the firm views near-term upside as “largely priced in,” the analyst added.