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Exclusive Article Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Author: Jennifer Ryan Woods. Article Published: 3/4/2026. 
Key Points - FIGS stock has surged nearly 260% over the past year, hitting a price not seen since shortly after its 2021 IPO.
- Q4 revenue topped $200 million—the company's best quarter ever—with scrubwear sales up 35% and international sales jumping 55%.
- Despite the rally and bullish analyst commentary, the consensus price target sits almost 30% below current levels.
- Special Report: Elon Musk: This Could Turn $100 into $100,000
After a stunning plunge following its 2021 IPO, medical and lifestyle apparel company FIGS, Inc. (NYSE: FIGS) has roared back to life, trading at a price it hasn't touched in nearly four years. The stock, currently trading above $17, has surged almost 260% over the past year, including a 58% spike in the last month alone. The rally has been fueled by strong earnings reports and a wave of bullish analyst commentary. Yet despite the positive momentum, the consensus 12-month price target for the stock is just $12.25—almost 30% below its current price. That gap raises a key question: how much of this recovery is supported by fundamentals, and how much is momentum? Elon did the seemingly impossible – far faster than anyone expected… And it's sent the tech industry into PANIC MODE. ChatGPT, Claude, Google Gemini, and DeepSeek could soon become obsolete. And three little-known firms could soar 10X or higher as a result. Get the details here. Early investors in FIGS saw a quick windfall after the company's May 2021 IPO at $22 per share; within a month the stock jumped to about $50. The initial surge reflected strong demand for medical apparel during the COVID-19 pandemic. As the pandemic eased, shares reversed sharply and, within 12 months, were trading below $8. In the years that followed, FIGS lingered mostly in the single digits, but after dipping below $4 in April 2025 the stock began another upward move. Earnings Momentum Sparks Rally After steady gains following positive Q1 and Q2 2025 earnings reports, the Q3 2025 results, released Nov. 6, pushed the stock higher. The quarter delivered stronger-than-expected revenue growth, broad demand across its core business and healthy margins despite tariff headwinds. The company raised full-year guidance for net revenue and adjusted EBITDA margins, prompting a strong market reaction: the stock climbed more than 30% over the following week and Zacks Research upgraded FIGS to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report on Feb. 26. The quarter showed a 33% year-over-year revenue increase, record quarterly sales topping $200 million and growth across key metrics. In its earnings call, the company—having outfitted Team USA's medical team at the Winter Olympics—cited expansion in its active customer base and higher average order values. Scrubwear, FIGS' core category that makes up more than three-quarters of net revenue, was a standout with a 35% sales increase. International sales rose 55%, and full-year net revenue reached a record $630 million, up 14% year over year. Despite margin pressure from tariffs, profitability finished strong: full-year adjusted EBITDA margin exceeded the company's target by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued an upbeat outlook for fiscal 2026, expecting continued demand driven in part by growth in healthcare jobs, expansion into new international markets, and continued focus on growth initiatives and its share buyback program. For the year, management expects net revenue growth of 10% to 12% and improved profitability targets. Wall Street reacted with a flurry of upgrades and target adjustments. Barclays raised its rating to Strong Buy from Hold; KeyCorp moved to Overweight from Sector Weight with a $17 price target; Goldman Sachs shifted to Hold from Strong Sell; BTIG reiterated its Buy rating with a $15 target; and Telsey Advisory increased its target to $15 from $9. FIGS Stock Pushes Past Price Targets FIGS' earnings strength clearly propelled the stock to four-year highs. Shares began rising even before the Q4 report—jumping nearly 14% in the session ahead of the release—and the rally accelerated after the results. The stock surged 24% on the first trading day after the announcement and added another 10% the following day. As of March 4, the stock was trading above $17, more than double Morgan Stanley's $8 target issued in January and exceeding the highest analyst target of $17 from KeyCorp. The gap between bullish analyst commentary and relatively modest price targets suggests analysts like FIGS' improving fundamentals but remain cautious about valuation. At current levels, shares trade at a price-to-earnings ratio near 90, implying much of the company's expected growth may already be priced in. By comparison, dominant lifestyle apparel peer lululemon athletica inc. (NASDAQ: LULU) trades at a P/E of less than 12. The bottom line: investors are rewarding FIGS' apparent turnaround, but skepticism remains about how much higher the stock can go before a pullback or consolidation occurs.
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