Figure initiated with a Neutral at BofA

BofA initiated coverage of Figure (FIGR) with a Neutral rating and $41 price target The FinTech with blockchain-powered offerings in consumer loan and digital asset markets has become the number one non-bank HELOC provider, meaning that its future revenue growth is now predicated on the success of Figure Connect, which the firm expects to drive 75% of its total revenue growth from 2024 through 2027. The firm, which sees key risks being concentration, execution, and the fact that the company disclosed a material weakness in its financials that, if not resolved, could erode investor confidence, notes the the stock’s 61% move up since the company’s IPO on September 10.