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Additional Reading from MarketBeat 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: Have $500? Invest in Elon's AI Masterplan
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 above $17, has surged almost 260% over the past year, 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 despite the positive momentum, the consensus 12-month price target is just $12.25—roughly 30% below the current price. That gap raises the question: how much of this recovery is supported by fundamentals, and how much is momentum? A look back at FIGS' history and recent results offers some clues. In this short 3-min. video, legendary investor James Altucher reveals the name and ticker symbol of a company he believes will skyrocket as soon as March 26th…
That would make it the biggest IPO in history! Click here to check it out before it's too late. Early investors enjoyed a quick windfall after FIGS' IPO in May 2021 at $22 per share; the stock surged to about $50 within a month as pandemic-driven demand for medical apparel spiked. As COVID-19-related demand waned, shares reversed sharply and traded below $8 within a year. For the next few years FIGS stayed mostly range-bound in the single digits. After dipping below $4 in April 2025, the stock began another climb—this time to the upside. Earnings Momentum Sparks Rally Steady gains after positive Q1 and Q2 2025 earnings reports set the stage for a breakout that accelerated with the Q3 2025 results, released on Nov. 6. The report showed stronger-than-expected revenue growth, solid demand across core products and healthy margins despite tariff headwinds. FIGS raised its full-year guidance for net revenue and adjusted EBITDA margins, prompting Wall Street to respond. The stock climbed more than 30% over the following week and Zacks Research upgraded the name to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report on Feb. 26. The company posted a 33% jump in revenue, its best quarterly sales yet, topping $200 million. In the earnings call, management highlighted strength across the business, including growth in its active customer base and higher average order values. FIGS also noted the PR boost from outfitting Team USA's medical team during the Winter Olympics. Scrubwear—a core product that accounted for more than three-quarters of net revenue—was a standout, with sales up 35%. International sales rose 55% and the fourth quarter capped a strong year: net revenue for the year increased 14% year-over-year to a record $630 million. While tariff pressures trimmed gross margins, adjusted EBITDA margin exceeded the company's full-year target by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued an upbeat outlook, forecasting continued demand supported in part by growth in healthcare employment. The company said it plans to expand into new international markets, prioritize growth opportunities across its businesses and continue its stock buyback program. For fiscal 2026, FIGS expects net revenue growth of 10% to 12%, with improving profitability targets. Analysts responded with a string of upgrades and target increases. Barclays raised its rating to Strong Buy from Hold, KeyCorp moved to Overweight from Sector Weight with a $17 target, and 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 FIGS' stronger earnings are the clear catalyst behind the rally to four-year highs. Shares began rising even before the Q4 report, jumping nearly 14% in the session ahead of the release. After the results, the rally intensified: the stock surged 24% on the first trading day following the report and added another 10% the next day. As of March 4, the stock was trading above $17, more than double Morgan Stanley's $8 target issued in January and at or above the highest target from other firms. The gap between bullish analyst commentary and relatively low price targets suggests caution. At current levels, FIGS trades at a price-to-earnings ratio near 90, implying that much of its expected growth is already priced in. With few publicly traded direct competitors, investors sometimes look to broader lifestyle apparel names like lululemon athletica inc. (NASDAQ: LULU) for context—LULU trades at a P/E of less than 12, underscoring valuation differences between FIGS and larger apparel peers. Bottom line: FIGS has real operational momentum—strong revenue growth, improving margins and an encouraging outlook—but the stock's elevated valuation leaves less room for error. Investors should weigh the company's improving fundamentals and growth runway against the risk of a pullback if expectations are not met.
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