Figure initiated with an Overweight at Piper Sandler

Piper Sandler analyst Patrick Moley initiated coverage of Figure (FIGR) with an Overweight rating and $50 price target The company is trading at a 28% discount to its digital asset peers, the analyst tells investors in a research note. The firm says investors are increasingly looking for exposure to “blockchain native disruptors positioned to win in a tokenized economy.” Figure stands out in the “noisy” digital asset space, contends Piper.