Figs upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Figs to Equal Weight from Underweight with an unchanged price target of $7. The company’s inventory is inflected positively in Q3 and should continue to get better in Q4 and fiscal 2024, the analyst tells investors in a research note. The firm also sees “improving brand heat” for Figs based on its checks as well as increasing revenue contribution from the company’s high-growth segments of Teams and International.