PANews reported on May 12th that, according to The Block, Bernstein reiterated its "Outperform" rating and $67 price target after Figure Technology Solutions released its Q1 2026 results, representing approximately 72% upside from the current share price of $38.97. Figure's Q1 loan origination reached $2.9 billion, a year-over-year increase of 113%; adjusted net income was $167 million, a year-over-year increase of 92%, exceeding market expectations by 6%. Figure Connect, a blockchain-based lending marketplace, contributed 56% of the loan volume, and the number of distribution partners increased to 387, including major US bank Flagstar Bank.

Bernstein believes the market is mistakenly viewing Figure as a traditional fintech company rather than a "pure tokenized capital markets platform." Its revenue-generating security token, YLDS, saw its supply grow by 80% quarter-on-quarter to $598 million, further reinforcing the growth logic of its RWA and on-chain credit infrastructure.