Two major Wall Street investment banks have issued differing views on the newly public fintech firm Figure (FIGR), as the company works to expand its blockchain-based lending and capital markets platform beyond home equity lines of credit.

Keefe, Bruyette & Woods (KBW) initiated coverage of Figure with an “outperform” rating and a 12-month price target of $48.50, suggesting 17.5% upside. The bank praised Figure’s early dominance in tokenized credit markets, where it holds 73% of the private credit segment and 39% of all tokenized real-world assets, according to KBW’s estimates.

Founded by former SoFi CEO Mike Cagney, Figure went public in September and has climbed 12% since its IPO. Its core business tokenizes HELOCs and connects borrowers to investors through a vertically integrated pla

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