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Further Reading from MarketBeat Media Wall Street Loves FIGS—Why Do Price Targets Predict Pullback?Reported by Jennifer Ryan Woods. First 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: [Sponsorship-Ad-6-Format3]
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 reports and a wave of bullish analyst commentary. Yet despite the positive momentum, the consensus 12-month price target sits at just $12.25—almost 30% below the current price. That raises a key question: how much of this recovery is supported by fundamentals, and how much is momentum? A look at FIGS' history and recent results helps provide context. Early investors saw quick gains after the company's May 2021 IPO, which debuted at $22 per share and, within a month, surged to $50. The COVID-19 pandemic initially boosted demand for medical apparel, but as conditions normalized the stock reversed sharply and, within 12 months, 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 upward move. Earnings Momentum Sparks Rally Steady gains after favorable Q1 and Q2 2025 earnings reports set the stage, but the company's Q3 2025 results, released on Nov. 6, accelerated the rally. Q3 featured stronger-than-expected revenue growth, healthy demand across core categories and solid margins despite tariff headwinds. FIGS raised its full-year guidance for net revenue and adjusted EBITDA margins, and Wall Street responded. The stock climbed more than 30% the following week, and Zacks Research upgraded the shares to Strong Buy from Hold. The momentum continued after the most recent Q4 2025 earnings report on Feb. 26. Q4 revenue jumped 33%, marking the company's best quarterly revenue to date with sales topping $200 million. Management pointed to growth in its active customer base and higher average order values, and noted the marketing benefit from outfitting Team USA's medical team during the Winter Olympics. Scrubwear—FIGS' core segment, accounting for more than three-quarters of net revenue—was a standout, with sales up 35%. International revenue rose 55%, also contributing to the quarter's performance. For the full year, net revenue reached a record $630 million, up 14% year-over-year. Despite tariff pressures that weighed on gross margins, profitability held up: full-year adjusted EBITDA margin came in more than 200 basis points above target. Analysts Applaud Earnings and Outlook FIGS issued an upbeat outlook for fiscal 2026, expecting continued demand supported in part by growth in healthcare jobs. The company plans to expand into new international markets, pursue growth opportunities across its businesses and continue its stock buyback program. For fiscal 2026, management forecast net revenue growth of 10% to 12% and improvement in profitability targets. Analysts responded with a flurry of upgrades and revised ratings. Barclays moved to Strong Buy from Hold, KeyCorp shifted to Overweight from Sector Weight with a $17 price target, and Goldman Sachs adjusted 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 primary driver behind its rise to four-year highs. Shares climbed ahead of the Q4 report—jumping nearly 14% in the session before the release—and the rally intensified after the results. The stock surged 24% on the first trading day after the report and added roughly 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 exceeding the highest analyst target of $17 set by KeyCorp. The gap between bullish analyst commentary and lower price targets suggests caution about valuation. At current levels, shares trade at a price-to-earnings ratio near 90, implying much of FIGS' expected growth may already be priced in. By comparison, lifestyle apparel peer lululemon athletica inc. (NASDAQ: LULU) trades at a P/E below 12 (source). The bottom line: investors are applauding FIGS' turnaround, but skepticism remains about whether the stock can sustain this ascent or if a pullback might be ahead. The company's recent results and outlook give reasons for optimism, but the valuation leaves less room for error.
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