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More Reading from MarketBeat.com Wall Street Loves FIGS. So Why Do Price Targets Predict a Pullback?Written by Jennifer Woods. Published: 3/2/2026. After a stunning plunge following its 2021 IPO, medical and lifestyle apparel company FIGS, Inc. (NYSE: FIGS) has roared back to a price it hasn’t seen in nearly four years. The stock has surged almost 260% over the past year, including a 58% gain in the last month alone. The rally has been fueled by strong earnings reports and a wave of bullish analyst commentary. Yet despite the run-up and optimistic sentiment, the consensus 12-month price target sits at just $12.25 — almost 30% below the current stock price. That raises the question: how much of this recovery is supported by fundamentals, and how much is momentum? A closer look at FIGS’ recent earnings and the stock’s price action offers some clues. Early investors in FIGS saw a quick windfall after the company’s IPO, which debuted in May 2021 at $22 per share and, within a month, surged to $50. It was a strong period for medical apparel as the COVID-19 pandemic drove demand. As the pandemic eased, however, shares sharply reversed course and, within 12 months, were trading below $8. In the years that followed, FIGS remained mostly range-bound in the single digits. After dipping below $4 in April 2025, the stock began another upward move. Earnings Momentum Sparks RallyAfter notching steady gains following positive Q1 and Q2 2025 earnings reports, the Q3 2025 results, released on Nov. 6, sent the stock charging higher. The report showed stronger-than-expected revenue growth, solid demand across its core business and healthy margins despite tariff pressures. The company also issued an upbeat outlook, raising its full-year guidance for net revenue and adjusted EBITDA margins. Wall Street applauded the news, driving the stock up more than 30% over the following week and prompting Zacks Research to upgrade the stock to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report released on Feb. 26. The report highlighted a 33% jump in revenue and marked the company’s best quarterly sales, with revenue topping $200 million. In its earnings call, the company — which earned some bragging rights by outfitting Team USA’s medical team during the Winter Olympics — pointed to strength across the board, including growth in its active customer base and higher average order values. Scrubwear, the company’s core product and responsible for more than three-quarters of net revenue, grew 35%. International sales also helped drive growth, rising 55%. The fourth quarter capped a strong year: net revenue rose 14% year-over-year to a record $630 million. Despite tariff pressures that weighed on gross margins, profitability was solid, with full-year adjusted EBITDA margin beating its target by more than 200 basis points. Earnings And Outlook Spark Analyst SupportFIGS also issued an upbeat outlook for the year ahead, expecting continued demand supported in part by growth in healthcare employment. The company highlighted plans to expand into new international markets, prioritize growth opportunities across businesses and continue its stock buyback program. For fiscal 2026, FIGS expects net revenue to grow 10% to 12%, with profitability targets improving. Analysts responded with a flurry of upbeat reports following the earnings release. Barclays upgraded its rating to Strong Buy from Hold, KeyCorp shifted to Overweight from Sector Weight with a $17 price target, and Goldman Sachs moved to Hold from Strong Sell. BTIG reiterated its Buy rating with a $15 price target, and Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price TargetsFIGS’ strong earnings have clearly driven the stock to four-year highs. Shares began climbing even before the Q4 report, jumping nearly 14% in the session ahead of the release. After the results, the rally intensified: the stock surged 24% on the first trading day following the report, then added another 10% the next day. As of March 4, the stock was trading above $17, roughly 30% above the average 12-month price target of $12.25 based on 10 analyst reports. It’s more than double Morgan Stanley’s $8 target issued in January and exceeds the $17 target set by KeyCorp. The gap between bullish analyst sentiment and relatively modest price targets suggests that while analysts like FIGS’ improving fundamentals, they remain cautious about the stock’s valuation. At its current level, the stock trades at a price-to-earnings ratio near 90, indicating that much of FIGS’ expected growth may already be priced in. Investors are applauding the turnaround, but skepticism remains about whether the stock can continue climbing or if a pullback might be ahead.
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