Figure initiated with an Outperform at Keefe Bruyette

As previously reported, Keefe Bruyette initiated coverage of Figure (FIGR) with an Outperform rating and $48.50 price target Through its application of tokenization to modernize legacy capital markets infrastructure for real-world assets, the firm believes Figure is positioned to be a “relative winner in the emerging public blockchain category,” the analyst tells investors. The company’s “meaningful traction” of its blockchain-native capital markets platform in the HELOC market has already enabled Figure to achieve a “commanding” 73% of share tokenized private credit and a 39% share of all tokenized real-world assets, the analyst noted.