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Just For You Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Authored by Jennifer Ryan Woods. Originally Published: 3/4/2026. 
At a Glance - 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 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 that momentum, the consensus 12-month price target is just $12.25—almost 30% below the current price. That gap raises a key question: how much of the recovery is supported by fundamentals, and how much is momentum? A look back at FIGS' history and recent results offers some clues. Early investors saw a quick windfall after the company's May 2021 IPO at $22 per share — within a month the stock had jumped to $50. Weiss expert Chris Graebe just revealed a unique gold-related investment that offers much higher upside than gold itself without the downside price risk—private, pre-IPO shares insulated from daily market volatility in a company that has pioneered a new way to extract and process gold 10 times faster and up to 70 times cheaper than a traditional miner without owning or operating a single mine. This is a rare chance to invest in the Alpha Round of funding, one of the earliest and most rewarding pre-IPO funding rounds, with examples of Alpha Round deals that delivered returns as high as 552,332%, enough to grow a $1,000 stake into $5.5 million. Watch the Private Investment Summit for all the facts now It was a good time to be a medical apparel company: the COVID-19 pandemic had spurred demand for such gear. As the pandemic eased, however, shares sharply reversed course and, within a year, traded 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 another climb—this time to the upside. Earnings Momentum Sparks Rally 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 the core business and healthy margins despite tariff headwinds. The company also issued an upbeat outlook, raising full-year guidance for net revenue and adjusted EBITDA margins. Wall Street rewarded the update: the stock climbed more than 30% over the following week, and Zacks upgraded FIGS 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 the company's best quarterly sales to date, with revenue topping $200 million. In its earnings call, FIGS — which outfitted Team USA's medical team during the Winter Olympics — pointed to broad strength, including growth in its active customer base and higher average order values. Scrubwear, FIGS' core segment, was a standout: sales in that category, which accounted for more than three-quarters of net revenue, rose 35%. International sales climbed 55%, helping drive overall growth. The fourth quarter capped a strong year: net revenue rose 14% year-over-year to a record $630 million. Despite tariff pressures that weighed on gross margins, profitability held up, with full-year adjusted EBITDA margin beating the company's target by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued a positive outlook for the year ahead, citing continued demand supported in part by growth in healthcare employment. The company signaled plans to expand into new international markets, prioritize growth initiatives across its businesses and continue its stock buyback program. For fiscal 2026, management expects net revenue to grow 10% to 12% and anticipates improved profitability targets. Analysts reacted with a flurry of upgrades and target changes after the earnings release. Barclays moved its rating to Strong Buy from Hold; KeyCorp shifted to Overweight from Sector Weight with a $17 price target; and Goldman Sachs changed its rating 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' earnings momentum is the clear catalyst behind the stock's climb to four-year highs. Shares began rising even before the Q4 report, jumping nearly 14% in the session ahead of the release. The rally accelerated after results: 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 from January and matching the highest analyst target from KeyCorp. The gap between bullish analyst commentary and relatively low price targets suggests analysts like FIGS' improving fundamentals but remain wary of 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. There are few public direct competitors to FIGS, but lululemon athletica inc. (NASDAQ: LULU) — a dominant lifestyle apparel player — trades at a P/E of less than 12. The bottom line: investors have applauded FIGS' turnaround, but skepticism remains about how much further the stock can run before a pullback or consolidation occurs.
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