Figma (FIG) Stock Gets a Wall Street Boost — Three Big Banks Now Bullish

TLDR

• Bank of America reinstated Figma (FIG) with a Buy rating and a $30 price target, sending the stock up ~5% in pre-market trading
• BofA analyst Tal Liani argued AI is a tailwind for Figma, not a threat, expanding the user base rather than disrupting the platform
• In Q1 2026, 75% of enterprise customers purchased additional AI credits after hitting their initial usage limits
• Citigroup (Buy, $36 target) and Goldman Sachs (Buy, $30 target) are also bullish — Figma now has three major banks on its side
• The stock had fallen roughly 85% from its 52-week high before this week’s recovery began

Bank of America reinstated coverage of Figma (FIG) on Tuesday with a Buy rating and a $30 price target, pushing the stock up around 5% in pre-market trading.

Figma, Inc., FIG

The call came from BofA analyst Tal Liani, who framed generative AI as an opportunity for Figma rather than a risk. His view is that AI will bring more people into the product-building process, increasing demand for collaborative design tools rather than making them obsolete.

FIG had been trading well off its highs. The stock dropped roughly 85% from its 52-week peak, weighed down by investor concern that AI could undercut Figma’s core value.

The stock was trading around $22.51 as of Tuesday morning, up from its 52-week low of $16.60.

AI Monetization Is Showing Up in the Numbers

The BofA note didn’t just make a forward-looking argument — it pointed to real data backing the thesis.

In Q1 2026, 75% of enterprise customers purchased additional AI credits after exceeding their initial usage limits. That’s a concrete sign that customers are leaning into AI features, not ignoring them.

Enterprise momentum is also holding up. Customers generating more than $100k in annual recurring revenue grew 48% year-over-year. Net dollar retention came in at 139%, and paid-user growth hit 54%.

Those numbers gave Liani confidence in Figma’s hybrid consumption and seat-based pricing model, which he sees as a way to capture more revenue as usage expands.

Wall Street Is Getting More Constructive

BofA isn’t alone in its view. Citigroup initiated coverage on July 1 with a Buy rating and a $36 price target. Goldman Sachs also holds a Buy with a $30 target.

That means Figma now has three major Wall Street firms aligned on the bullish side of the AI debate — a notable shift in tone from the skepticism that drove the stock lower.

Three Form 4 insider filings were also submitted on July 6, indicating ownership activity among insiders at the company.

The broader market wasn’t doing FIG any favors on Tuesday, with Nasdaq 100 Futures falling 0.9% ahead of the open. The stock’s move higher came against that headwind.

Figma’s recovery had already begun before today’s BofA note. Its inclusion in major Russell indexes during the June reconstitution triggered passive-fund buying that helped lift the stock off its lows.

With FIG still trading below the consensus analyst price target range and enterprise metrics pointing in the right direction, Tuesday’s pre-market gain reflects growing institutional confidence in the recovery story.

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