Figma price target lowered to $60 from $69 at BofA

BofA lowered the firm’s price target on Figma (FIG) to $60 from $69 and keeps a Neutral rating on the shares. After the Q3 report, the firm says that it “appears that Figma is on a path for a normal beat and raise pattern from here,” adding that key growth metrics accelerated nicely. While calling Figma a “great company” with a wide competitive moat, a large base of 13M monthly active users and 540,000 paid customers, a comprehensive offering and a powerful set of generative AI features, the firm believes that near-term upside is largely priced in with the shares trading at a significant premium to the large cap software group.