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This Month's Exclusive Content Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Author: Jennifer Ryan Woods. Article Published: 3/4/2026. 
Quick Look - 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 plunging following its 2021 IPO, medical and lifestyle apparel company FIGS, Inc. (NYSE: FIGS) has staged a dramatic comeback, trading at levels it hadn't seen in nearly four years. The stock, which is trading above $17, has rallied almost 260% over the past year, including a 58% surge in the last month. The run-up has been driven by strong earnings and a wave of bullish analyst commentary. Yet the consensus 12-month price target remains just $12.25—roughly 30% below the current price. That contrast raises a key question: how much of FIGS' recovery is supported by fundamentals, and how much is momentum? Elf Labs has secured historic rights (500+ assets) to iconic characters like Cinderella and Snow White. They're bringing them to life through multi-patented immersive technology across entertainment, gaming, and consumer products – a market estimated at over $2 trillion.
Valuation has grown 17X (a 1,600% increase) in under 24 months, and the company just reserved its NASDAQ ticker: $ELFS.
For a limited time, everyday investors can still participate at $2.25/share (plus up to 35% bonus shares) while the company remains privately held. Invest Now Early investors saw a quick windfall after the company's May 2021 IPO, which priced at $22 and jumped to about $50 within a month as demand for medical apparel spiked during the COVID-19 pandemic. As the pandemic waned, shares reversed course and traded below $8 within a year. FIGS then remained mostly range-bound in the single digits until dipping below $4 in April 2025, after which the stock began another upward move. Earnings Momentum Sparks Rally Steady gains following positive Q1 and Q2 2025 earnings reports set the stage, but the Q3 2025 results, released on Nov. 6, accelerated the rally. That report showed stronger-than-expected revenue growth, solid demand across FIGS' core business and resilient margins despite tariff headwinds. The company raised its full-year guidance for net revenue and adjusted EBITDA, and Wall Street responded: the stock climbed more than 30% over the following week, and Zacks Research upgraded the shares to Strong Buy from Hold. Momentum continued with the Q4 2025 earnings report released on Feb. 26. Q4 revenue jumped 33%—the company's best quarterly sales yet—topping $200 million. In its earnings call, FIGS highlighted gains in active customers and higher average order values, and noted the marketing boost from outfitting Team USA's medical staff during the Winter Olympics. Scrubwear, FIGS' core category and responsible for more than three-quarters of net revenue, rose 35% in the quarter. International sales were particularly strong, increasing 55%. The fourth quarter capped a solid year: full-year net revenue climbed 14% year-over-year to a record $630 million, and full-year adjusted EBITDA margin beat targets by more than 200 basis points despite tariff pressures on gross margins. Analysts Applaud Earnings and Outlook FIGS issued a constructive outlook for fiscal 2026, expecting net revenue to grow 10% to 12% and forecasting improved profitability. The company also highlighted plans to expand into new international markets, pursue growth opportunities across its businesses and continue its share buyback program. Analysts reacted with a string of upgrades and more positive notes. Barclays moved to Strong Buy from Hold, KeyCorp upgraded 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' improved results are the primary catalyst for its climb to four-year highs. Shares began rising before the Q4 report—jumping nearly 14% in the session ahead of the release—and the rally intensified after results: the stock surged 24% on the first trading day following the report and added about 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 target set by KeyCorp. The gap between bullish analyst commentary and relatively low consensus price targets suggests analysts appreciate FIGS' improving fundamentals but remain cautious about valuation. At current levels, shares trade at a price-to-earnings ratio near 90, implying that much of the company's expected growth may already be priced in. There are few publicly traded direct peers to FIGS; broadly comparable lifestyle apparel names like lululemon athletica inc. (NASDAQ: LULU) trade at much lower multiples—a P/E of less than 12, for example. The bottom line: investors are rewarding FIGS' turnaround, but skepticism remains about how sustainable the rally is and whether a pullback could occur.
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