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Additional Reading from MarketBeat.com Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Written by Jennifer Ryan Woods. First Published: 3/4/2026. 
Article Highlights - 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.
After a steep decline following its 2021 IPO, medical and lifestyle apparel company FIGS, Inc. (NYSE: FIGS) has staged a dramatic comeback, trading at levels it hasn't seen in nearly four years. The shares, now above $17, have rallied almost 260% over the past 12 months, including a 58% jump in the last month alone. The rally has been driven by strong earnings and a wave of bullish analyst commentary. Yet the consensus 12‑month price target sits at just $12.25—nearly 30% below the current price. That gap raises a key question: how much of FIGS' recovery reflects improving fundamentals, and how much is momentum? A review of the company's history and recent results offers some clues. Med-X is gearing up for a possible Nasdaq listing (ticker: MXRX). But the real opportunity is now – before they hit the big stage.
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With $6.4M in sales in just four years, they're getting ready for the next step. Become a Med-X Shareholder Before Their Nasdaq Plans Unfold Early investors enjoyed quick gains after the May 2021 IPO, which priced at $22 per share and climbed to roughly $50 within a month as pandemic-driven demand for medical apparel surged. As COVID-19 pressures eased, the stock reversed sharply and traded below $8 within a year. For the next few years FIGS mostly traded in the single digits; after falling below $4 in April 2025, it began its latest upward move. Earnings Momentum Sparks Rally After steady gains following positive Q1 and Q2 2025 reports, the Q3 2025 results, released on Nov. 6, accelerated the recovery. The company reported stronger‑than‑expected revenue growth, solid demand across core channels and healthy margins despite tariff headwinds. FIGS also issued an upbeat outlook, raising full‑year guidance for net revenue and adjusted EBITDA margins. Investors responded enthusiastically: the stock jumped more than 30% over the following week and Zacks Research upgraded the shares to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report released in late February. The company recorded a 33% year‑over‑year revenue increase—its best quarterly revenue to date—with sales topping $200 million. In the earnings call, FIGS noted broad strength, including growth in its active customer base and higher average order values; the company also earned some publicity for outfitting Team USA's medical staff at the Winter Olympics. Scrubwear remained the core driver, accounting for more than three‑quarters of net revenue and rising 35% in the quarter. International sales climbed 55%, helping the company post record full‑year net revenue of $630 million, up 14% year‑over‑year. Despite tariff pressures that affected gross margins, profitability held up: full‑year adjusted EBITDA margin exceeded targets by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS provided an optimistic outlook for the year ahead, citing continued demand—supported in part by growth in healthcare employment—plans to expand into additional international markets, prioritized growth initiatives across businesses and a continued stock buyback program. For fiscal 2026, management expects net revenue growth of 10% to 12% and improvement in profitability targets. Analysts followed with a wave of upgrades and revised views. Barclays moved to Strong Buy from Hold; KeyCorp shifted to Overweight from Sector Weight with a $17 price target; Goldman Sachs revised its rating to Hold from Strong Sell. BTIG reiterated a Buy with a $15 target, and Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price Targets FIGS' earnings momentum is the obvious catalyst behind the move to four‑year highs. Shares began climbing even before the Q4 report, jumping nearly 14% in the session before the release, then surged 24% on the first trading day after the results 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 from January and exceeding the highest analyst target of $17 set by KeyCorp. The gap between broadly positive analyst commentary and relatively modest price targets suggests analysts are encouraged by improving fundamentals but cautious on valuation. At current levels the shares trade at a price‑to‑earnings ratio near 90, implying a lot of expected growth is already priced in. There are few public companies that directly compete with FIGS, but larger lifestyle apparel names such as lululemon athletica inc. (NASDAQ: LULU) trade at much lower multiples—a P/E of under 12. In short, while investors have rewarded FIGS for its turnaround, questions remain about how far the rally can extend before valuation concerns prompt a pullback.
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