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Exclusive Article Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Submitted by Jennifer Ryan Woods. First Published: 3/4/2026. 
What You Need to Know - 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 and climbed about 58% in the last month alone. The rally has been driven by strong earnings and a wave of bullish analyst commentary. Yet the consensus 12-month price target is just $12.25—roughly 30% below the current price. How much of FIGS' recovery is supported by fundamentals versus momentum? A look at the company's history and recent results offers some clues. A major force in the crypto world is quietly becoming one of gold's most aggressive buyers — and most investors have no idea it's happening.
A longtime gold analyst says profits from a leading stablecoin operation are being funneled into physical gold at a scale that could materially impact supply and demand. After a recent meeting with insiders, he began outlining what this trend could mean for gold prices and a small group of companies positioned to benefit. Read the full gold briefing here Early investors enjoyed a quick windfall after FIGS' IPO in May 2021, which priced at $22 per share and, within a month, surged to $50. The pandemic fueled demand for medical apparel, but as COVID-19 receded shares reversed sharply and within a year were trading below $8. FIGS then traded mostly in the single digits for several years. After dipping below $4 in April 2025, the stock began another sustained rally. Earnings Momentum Sparks Rally Steady gains after positive Q1 and Q2 2025 earnings set the stage, but the Q3 2025 results released Nov. 6 were a clear catalyst. The company reported stronger-than-expected revenue growth, healthy demand across its core business and resilient margins despite tariff pressures. FIGS raised its full-year guidance for net revenue and adjusted EBITDA margin, which prompted a broad positive reaction from Wall Street. The stock jumped more than 30% over the following week and Zacks Research upgraded the shares to Strong Buy from Hold. The momentum continued after the Q4 2025 earnings report on Feb. 26. Q4 revenue rose 33%, delivering the company's best quarterly revenue yet—sales topped $200 million. In the earnings call, management highlighted growth in the active customer base, higher average order values and strength across geographies, noting that FIGS even outfitted Team USA's medical team during the Winter Olympics. Scrubwear—the company's core category, accounting for more than three-quarters of net revenue—was a standout, with sales up 35%. International sales climbed 55%, helping the company post record full-year net revenue of $630 million, up 14% year-over-year. Despite tariff headwinds that pressured gross margins, full-year adjusted EBITDA margin beat targets by more than 200 basis points, underlining improved profitability. Analysts Applaud Earnings and Outlook FIGS also issued an upbeat outlook, citing anticipated continued demand supported by growth in healthcare employment, plans to expand into new international markets, and a focus on growth initiatives while maintaining its stock buyback program. For fiscal 2026, the company expects net revenue to rise 10%–12% with improving profitability targets. Analysts reacted with a flurry of upgrades and raised targets. Barclays moved to Strong Buy from Hold, KeyCorp shifted to Overweight from Sector Weight with a $17 target, Goldman Sachs moved its rating to Hold from Strong Sell, BTIG reiterated a Buy with a $15 target, and Telsey Advisory raised its target to $15 from $9. FIGS Stock Pushes Past Price Targets Strong results have clearly driven FIGS to four-year highs. Shares rose nearly 14% in the session ahead of the Q4 report and accelerated after the release—jumping 24% on 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 issued in January and matching the highest analyst target of $17 from KeyCorp. The divergence between bullish analyst commentary and relatively modest price targets suggests analysts appreciate FIGS' improving fundamentals but remain cautious about valuation. At current levels, the stock trades at a price-to-earnings ratio near 90, implying much growth may already be priced in. There are few publicly traded direct competitors to FIGS, but lululemon athletica inc. (NASDAQ: LULU)—a dominant lifestyle apparel player—is trading at a P/E of less than 12, underscoring the valuation gap. The bottom line: investors are applauding the company's turnaround, but skepticism persists about whether FIGS can sustain this pace or if a pullback could be coming.
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