Figs price target raised to $7 from $5 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Figs (FIGS) to $7 from $5 and keeps a Market Perform rating on the shares. The company’s momentum continued through Q2, sales outpacing expectations and its core scrubs business recording its strongest growth in two years, the analyst tells investors. While the macro-operating environment remains challenging, the firm continues to believe the company can benefit from its direct-to-consumer positioning and can expand into underpenetrated markets.