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Exclusive Content Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Written by Jennifer Ryan Woods. 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: Elon Musk already made me a "wealthy man"
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 driven by strong earnings and a wave of bullish analyst commentary. Yet despite the positive momentum, the consensus 12-month price target for FIGS is just $12.25—roughly 30% below its current price. That gap raises the question: how much of this recovery is supported by fundamentals, and how much is momentum? A look at FIGS' history and recent results offers some clues. Early investors saw a quick windfall after the company's IPO, which debuted in May 2021 at $22 per share and climbed to about $50 within a month. Silver Is Now a Growth AND Income Play For decades, silver paid nothing. That just changed. One tiny ETF is delivering 20% annualized distributions plus 68% share appreciation in just 5 months. Click here to learn more about this fund. Demand for medical apparel was strong during the COVID-19 pandemic, but as the public-health emergency eased, shares reversed course and fell below $8 within a year. In the years that followed FIGS mostly traded in the single digits. After dipping under $4 in April 2025, however, the stock began another leg higher. Earnings Momentum Sparks Rally Steady gains following positive Q1 and Q2 2025 earnings accelerated after the company's Q3 2025 results, released on Nov. 6. That report showed stronger-than-expected revenue growth, broad demand across the core business and healthy margins despite tariff pressures. FIGS also raised its full-year guidance for net revenue and adjusted EBITDA margins. Wall Street responded, sending the stock up more than 30% over the following week and prompting Zacks Research to upgrade the shares to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report on Feb. 26. The company posted a 33% jump in quarterly revenue—its best quarter yet—with sales topping $200 million. During the earnings call, management highlighted gains in active customers, higher average order values and the publicity boost from outfitting Team USA's medical team during the Winter Olympics. Scrubwear, FIGS' core category, was a standout: sales in that segment—more than three-quarters of net revenue—increased 35%. International sales rose 55%, helping the fourth quarter cap off a strong year: full-year net revenue climbed 14% year-over-year to a record $630 million. Despite tariff-related pressure on gross margins, profitability held up, with full-year adjusted EBITDA margin beating the company's target by over 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued an upbeat outlook for fiscal 2026, expecting continued demand driven in part by growth in healthcare employment. The company signaled plans to expand into new international markets, pursue growth across its businesses and continue its stock buyback program. For fiscal 2026, management forecast net revenue growth of 10% to 12%, with improved profitability targets. Analysts reacted positively to the results and guidance. Barclays upgraded to Strong Buy from Hold, KeyCorp moved to Overweight from Sector Weight with a $17 target, and Goldman Sachs shifted its view to Hold from Strong Sell. BTIG reiterated a Buy rating with a $15 target, while Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price Targets FIGS' improved results are the main catalyst behind the stock's move to four-year highs. The shares started climbing before the Q4 report, jumping nearly 14% in the session ahead of the release. After the results were announced, the rally intensified: the stock rose 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, well above some analyst targets—including Morgan Stanley's $8 target issued in January—and at the high end of the range set by others such as KeyCorp. The divergence between bullish commentary and relatively modest price targets suggests analysts appreciate FIGS' improving fundamentals but remain cautious about valuation. At current levels, the shares trade at a price-to-earnings ratio approaching 90, implying much of the company's expected growth may already be priced in. There are few direct, publicly traded peers to FIGS, but lifestyle-apparel leader lululemon athletica inc. (NASDAQ: LULU) trades at a P/E of less than 12. The bottom line: investors have embraced FIGS' turnaround, but skepticism persists about whether the stock can sustain this run or if a pullback may be looming.
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