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This Month's Featured Story Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Author: Jennifer Ryan Woods. Publication Date: 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: [Sponsorship-Ad-6-Format3]
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 and sentiment, the consensus 12-month price target for the stock is just $12.25—almost 30% below its current price. This raises the question: how much of this recovery is supported by fundamentals, and how much is momentum? A closer look at FIGS’ history and recent earnings offers some clues. Silver: 20% + 68%
Tim Plaehn just found a Silver ETF that delivers monthly income (up to 20% in annual distributions) plus share appreciation (68% in 5 months). The precious metal has become one of the best investments for growth AND income right now. Click here and start to collect in the next 30 days. 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 per share. It was a good time to be a medical apparel company, as the COVID-19 pandemic spurred demand for such gear. 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 to turn upward again. Earnings Momentum Sparks Rally After steady gains following positive Q1 and Q2 2025 earnings reports, the Q3 2025 results, released on Nov. 6, sent the stock 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 welcomed 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 quarter featured a 33% jump in revenue and marked the company’s best quarterly revenue yet, with sales topping $200 million. In its earnings call, management pointed to strength across the business, including growth in its active customer base and higher average order values. The company also touted having outfitted Team USA's medical team during the Winter Olympics. Scrubwear remained the core strength, accounting for more than three-quarters of net revenue and rising 35% in the quarter. International sales rose 55%, further boosting results. The fourth quarter capped a strong year: net revenue rose 14% year-over-year to a record $630 million. Despite tariff headwinds that pressured gross margins, profitability held up, and full-year adjusted EBITDA margin beat targets by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS also issued an optimistic outlook for the year ahead, citing continued demand supported in part by growth in healthcare employment. Management highlighted plans to expand into new international markets, prioritize growth opportunities across its businesses and continue its stock buyback program. For fiscal 2026, the company expects net revenue to grow 10% to 12%, with improved profitability targets. Analysts responded with a flurry of upgrades and positive notes following the earnings release. Barclays raised 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 target, and Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price Targets FIGS' strong earnings are the clear catalyst behind the stock's rise 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 were announced, 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. That is more than double Morgan Stanley's $8 target issued in January and above even KeyCorp's highest target of $17. The disconnect between bullish analyst sentiment and lower consensus price targets suggests analysts appreciate FIGS’ improving fundamentals but remain cautious about valuation. At its current level, shares trade at a price-to-earnings ratio near 90, implying much of the company’s expected growth may already be priced in. There are few publicly traded direct competitors to FIGS; one comparable in lifestyle apparel, lululemon athletica inc. (NASDAQ: LULU), trades at a P/E of less than 12. The bottom line: investors are applauding FIGS’ turnaround, but skepticism remains over whether the stock can sustain this ascent or if a pullback is possible.
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