Blockchain-based lender Figure named 2026 'top pick' by Wall Street analyst

Wall Street broker Bernstein is kicking off 2026 by naming blockchain lender Figure Technology (FIGR) its top investment idea, citing the company's potential for rapid growth in a new market.

Bernstein's bullish call is driven by Figure’s role in modernizing legacy banking infrastructure by moving traditional ledgers onto blockchain rails, a theme the analysts believe is gaining urgency amid banking sector uncertainty and a more assertive regulatory framework for crypto.

"Figure upgrades legacy banking ledgers to the blockchain ledger," analysts led by Gautam Chhugani wrote in a note on Wednesday, adding that the company's "business model can evolve rapidly towards new lending categories."

The analysts argued that Figure’s business model is evolving faster than expected, with growth extending beyond its core home equity lending franchise into new lending categories and a more dynamic tokenized marketplace.

Overall, Bernstein now expects Figure’s net revenue to rise to about $945 million by 2027, up from an estimated $511 million in 2025 and roughly 21% above the analyst's prior forecast.

Chhugani reiterated his "outperform" rating on the stock and increased the price target by 33% to $72 from $54, which is now the second-highest among the Wall Street analysts covering the stock, according to FactSet data. Piper Sandler is the top bull on the stock, with a buy rating and a price target of $75, according to the data.

Since listing on the Nasdaq in September 2025, Figure’s shares have climbed significantly from their $25 IPO price. In the months that followed, the stock has been trading in a range of roughly $30 to $59, reflecting both broader market volatility and investor appetite for its blockchain-linked lending story.

The shares were trading flat after rising as much as 5% in early trading on Wednesday.

Read more: Figure Gets Mixed Wall Street Debut as KBW, BofA Diverge on Outlook