Figma price target lowered to $69 from $85 at BofA

BofA lowered the firm’s price target on Figma (FIG) to $69 from $85 and keeps a Neutral rating on the shares. While Figma did not deliver significant upside in Q2, this was as expected, says the analyst, who has no change to the view that Figma is well positioned to continue gaining share in the digital design industry. However, with the shares trading at a significant premium to the large cap software group, the firm believes that near-term upside is “largely priced in” and lowers its price target to account for decelerating growth.