Key Takeaways
- FIGS shares jumped 6% after Oppenheimer raised its price target to $25 from $22 and kept its Outperform rating ahead of third-quarter results.
- Oppenheimer’s call looks reasonable for the quarter, but the stock’s valuation needs faster growth in 2027 than analysts expect.
- Analysts expect normalized EPS to nearly double in 2026, then rise only about 6% in 2027.
- The third-quarter report on Nov. 5 is the next test, against management’s guide for about 20% revenue growth.
FIGS (FIGS) jumped 6% today after Oppenheimer’s Brian Nagel raised his price target to $25 from $22 and kept his Outperform rating ahead of quarterly results.
That’s on top of a huge year: FIGS was up more than 80% in 2026 before today. So is there room left?
The multiple has actually shrunk
Despite that run, FIGS’s forward P/E has fallen from about 113x at the end of 2025 to 60x at Wednesday’s close. That’s below its 78x five-year average, and today’s jump only lifts it a bit:
That’s because earnings estimates have soared. Analysts now expect normalized EPS of $0.36 in 2026, nearly double 2025’s $0.19:
But look at 2027: just $0.38, or about 6% growth. And some of 2026’s gains won’t repeat. FIGS’s second-quarter gross margin of 75.2% included 7.8 points of refunds on tariffs the Supreme Court struck down in February.
That’s a lot to pay for 6% growth.
Oppenheimer got there first
Oppenheimer upgraded FIGS to Outperform with a $22 target in March. Across the 8 analysts covering it, the consensus target has nearly tripled in a year, from $7 to $19:
FIGS closed Wednesday above that average, and Oppenheimer’s new $25 target is above the Street’s previous high of $22. It sits 21% above Wednesday’s close, and today’s jump cuts that gap to about 14%.
TIKR tracks 9 analysts on FIGS. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on FIGS, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See FIGS’s Analyst Ratings
Nov. 5 has to deliver
FIGS reports third-quarter results after the close on Thursday, Nov. 5. Management guides for revenue growth of about 20% on last year’s $151.7 million, and an adjusted EBITDA margin of about 14%, up from 12.4%.
That looks beatable: FIGS grew 28% in the first quarter and 28.8% in the second, against guides in the low 20s.
The risk is supply. A U.S. Customs order in June barred imports from a Jordanian partner that made about a third of FIGS’s second-quarter finished goods. The company expects it to hurt second-half revenue, gross margin and inventory.
My take: I’d expect another beat, and I suspect that’s Oppenheimer’s bet too. But at around 60x forward earnings, the stock needs double-digit growth well past this quarter, and management already guides the fourth quarter down to about 10%. I’d wait for the first 2027 outlook, likely in late February, before buying.
So what is FIGS stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
