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This Month's Bonus News Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Written by Jennifer Ryan Woods. Originally 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: [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, now above $17, has surged almost 260% over the past year, including a 58% spike in the last month alone. The rally has been driven by strong earnings and a wave of bullish analyst commentary. Yet despite the momentum, the consensus 12‑month price target is just $12.25—roughly 30% below the current share price. That gap raises the question: how much of FIGS' recovery is supported by fundamentals versus momentum? A look at the company's history and recent results offers some clues. I Called Black Monday. Now I'm Calling March 26!
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Today, I'll show you how to get in before the big announcement. Click Here to See How to Secure Your "SpaceX Access Code" Early investors saw a quick windfall after FIGS' May 2021 IPO priced at $22 per share; within a month the stock briefly reached $50. Demand for medical apparel was strong during the COVID‑19 pandemic, but as the crisis eased shares reversed sharply and, within a year, traded below $8. In the years that followed, FIGS mostly traded in the single digits. After dipping below $4 in April 2025, the stock began another upward run. Earnings Momentum Sparks Rally Steady gains following positive Q1 and Q2 2025 earnings set the stage, but the Q3 2025 results, released Nov. 6, accelerated the move higher. The company reported stronger‑than‑expected revenue growth, healthy demand across core categories and resilient margins despite tariff headwinds. FIGS also raised its full‑year guidance for net revenue and adjusted EBITDA margins, an outlook that sent shares up more than 30% over the following week and prompted Zacks Research to upgrade the stock to Strong Buy from Hold. The rally continued after the Q4 2025 earnings report released Feb. 26. The company posted a 33% jump in quarterly revenue—its best quarter yet—with sales topping $200 million. Management highlighted growth in active customers and higher average order values, and noted the visibility boost from outfitting Team USA's medical team at the Winter Olympics. Scrubwear, FIGS' core category, was a standout: sales in that segment, which represent more than three‑quarters of net revenue, rose 35%. International sales climbed 55%. The fourth quarter capped a strong fiscal year, with net revenue up 14% year‑over‑year to a record $630 million. Despite tariff pressures that compressed gross margins, full‑year adjusted EBITDA margin exceeded targets by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued an upbeat outlook for fiscal 2026, expecting net revenue to grow 10%–12% and projecting improved profitability. Management also emphasized plans to expand into new international markets, pursue growth across its businesses and continue its stock buyback program. Analysts reacted positively. Barclays upgraded FIGS 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 a Buy rating with a $15 target; and Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price Targets Strong results are the clear catalyst for the stock's move to four‑year highs. Shares began climbing before the Q4 report—jumping nearly 14% in the session ahead of the release—and the rally accelerated afterward, with a 24% gain the first trading day following the results and another 10% the next day. As of March 4, the stock was trading above $17, well above Morgan Stanley's $8 target from January and matching the highest target set by KeyCorp at $17. The gap between optimistic analyst commentary and lower price targets suggests caution: while analysts appear encouraged by improving fundamentals, many remain wary of the stock's valuation. At current levels, FIGS trades 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, but comparing valuations to a larger lifestyle apparel peer is instructive: lululemon athletica inc. (NASDAQ: LULU) trades at a P/E of less than 12. The bottom line: investors are rewarding FIGS' turnaround, but skepticism remains about how much higher the stock can run without a pullback.
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