Figs Soars As Wall Street Finds Its Apparel A Buy By Investing.com

By Dhirendra Tripathi

Investing.com – Figs (NYSE:FIGS) shares rose almost 12.5% in Monday’s trading as buy calls from many brokerages buoyed sentiment for the stock.

Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS), Morgan Stanley (NYSE:MS), KeyBanc, BofA Securities (NYSE:BAC), Cowen, Telsey Advisory, Oppenheimer (NYSE:OPY), Barclays (NYSE:BCS) and Piper Sandler were among the one who either put out a buy or an outperform rating on Figs’ stock.

Figs is a direct-to-consumer healthcare apparel and lifestyle brand. The medical apparel company debuted last month, pricing its shares at $22 apiece.

Barclays’ Adrienne Yih has initiated coverage of the stock with an overweight rating and a $50 target, an upside of 22% from the stock’s current level of $41.

Figs is establishing the market for higher-end premium scrubs that are “perceived to be one-of-a-kind,” Yih wrote in a research note.

KeyBanc analyst Edward Yruma sees the stock at $45. The analyst finds the company one of the most compelling growth stories in their coverage.

According to Piper Sandler’s Erinn Murphy, who has a $44 target for the stock, Figs is not only disrupting the $79 billion medical apparel market, but is also fueling the market as it accelerates its lifestyle offerings.