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More Reading from MarketBeat.com Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Submitted by Jennifer Ryan Woods. Posted: 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 dramatic decline following its 2021 IPO, medical and lifestyle apparel company FIGS, Inc. (NYSE: FIGS) has staged a sharp recovery, trading at levels not seen in nearly four years. Currently above $17, the stock 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 reports and a wave of bullish analyst commentary. Yet despite that momentum, the consensus 12-month price target sits at just $12.25—roughly 30% below the current price. That gap raises a key question: how much of the recovery is supported by fundamentals, and how much is pure momentum? A look back at FIGS' history and its recent results provides some context. The headlines scream about oil and regime change in the Middle East. But behind the scenes, President Trump is about to unleash something far more shocking in the homeland.
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It's the boldest initiative of President Trump's second term by far – and it's not even close. To find out why, and how it could affect your financial future – click here immediately. Early investors enjoyed a quick windfall after the company's IPO in May 2021, which priced at $22 per share and climbed to roughly $50 within a month. The pandemic boosted demand for medical apparel, but as COVID-19 subsided the stock reversed sharply and within a year traded below $8. In the years that followed FIGS remained largely range-bound in the single digits; after dipping below $4 in April 2025, however, the shares began another sustained advance. Earnings Momentum Sparks Rally Following steady gains after positive Q1 and Q2 2025 earnings reports, the Q3 2025 results (released Nov. 6) pushed the stock notably higher. The quarter featured stronger-than-expected revenue growth, robust demand across the core business and healthy margins despite tariff pressures. The company also raised its full-year guidance for net revenue and adjusted EBITDA margins, an upbeat outlook that sent shares higher. Wall Street responded positively: 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 released on Feb. 26. The quarter showed a 33% jump in revenue—FIGS' best quarterly revenue to date—with sales topping $200 million. On the earnings call, management highlighted growth in its active customer base, higher average order values and the company's role outfitting Team USA's medical staff at the Winter Olympics. Scrubwear, FIGS' core business that accounted for more than three-quarters of net revenue, was a standout: sales in that segment rose 35%. International sales also contributed, climbing 55%. For the full year, net revenue reached a record $630 million, up 14% year-over-year. Despite tariff-related pressure on gross margins, profitability held up well—full-year adjusted EBITDA margin beat its target by more than 200 basis points. Analysts Applaud Earnings and Outlook FIGS issued an optimistic outlook for the year ahead, citing continued demand supported in part by growth in healthcare jobs. Management said it plans to expand into new international markets, prioritize growth initiatives across its businesses and continue its stock buyback program. For fiscal 2026, FIGS expects net revenue to grow 10% to 12%, with improvements in profitability metrics. Analysts echoed the positive tone after the earnings release. Barclays upgraded the stock 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 its 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 primary catalyst behind FIGS' rise to four-year highs. Shares began climbing even before the Q4 report, jumping nearly 14% in the session ahead of the release. The rally accelerated after the results: 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, which is more than double Morgan Stanley's $8 target issued in January and exceeds the highest analyst target of $17 set by KeyCorp. The gap between bullish analyst commentary and relatively modest price targets suggests analysts like the improving fundamentals but remain cautious about valuation. At current levels shares trade at a price-to-earnings ratio near 90, implying that much of FIGS' anticipated growth may already be priced in. There are few publicly traded direct peers to FIGS. For a rough comparison, lululemon athletica inc. (NASDAQ: LULU), a dominant lifestyle apparel player, trades at a P/E of less than 12. The bottom line: investors are applauding FIGS' turnaround, but skepticism persists about whether the stock can sustain this run or if a pullback may follow.
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