Bernstein named its top pick for 2026 in a note to clients, arguing that the company sits at the center of a structural shift in how credit and equities are originated, financed, and traded. 

Analyst Gautam Chhugani said “tokenization is a game changer,” and highlighted  Figure Technology Solutions as the pure-play leader in the space.

According to Bernstein, Figure’s competitive edge comes from a technology stack that removes “both demand side and supply side friction from the traditional credit markets,” allowing the company to cut operating costs by “~90%” and reduce loan turnaround times by “~75%.” 

With about 250 partners, Figure has already built a significant distribution lead, benefiting from “cross-sell potential across HELOCs and new loan categories.”

A key driver, Bernstein said, is Figure Connect, which “transmutes a balance sheet based digital lending model to a marketplace-based liquidity model.” 

This gives lending partners “faster funding, better execution, and lower costs vs traditional channels,” and sets the stage for high-margin platform-fee revenue growth.

Beyond lending, Figure is expanding into tokenized equities through its OPEN framework, beginning by tokenizing its own stock. 

Bernstein noted that competition in tokenized equities is “highly competitive,” but believes Figure can carve out a niche by focusing on institutional liquidity, equity-collateralized loans and its broader Prime ecosystem.

Bernstein believes FIGR offers multiple long-term growth avenues, including HELOC share gains, expansion into new loan categories and “the potential scale up of democratized prime and equity tokenization.” 

The firm reiterated its Outperform rating and $72 price target on the stock, saying it finds the investment case “compelling” even after a strong year-to-date rally.