Key Takeaways
- Figma (FIG) shares climbed approximately 5% in pre-market hours following Bank of America’s reinstatement with a Buy rating and $30 price objective
- BofA’s Tal Liani views artificial intelligence as a growth catalyst for Figma, arguing it will broaden the platform’s user base instead of undermining it
- During Q1 2026, three-quarters of enterprise clients bought extra AI credits after exhausting their baseline allocations
- Three heavyweight banks now hold bullish positions: Citigroup (Buy, $36), Goldman Sachs (Buy, $30), and Bank of America (Buy, $30)
- Shares had plummeted roughly 85% from their 52-week peak before this week’s turnaround
Bank of America resumed its coverage of Figma (FIG) this Tuesday, assigning a Buy rating alongside a $30 price objective that sent shares climbing roughly 5% during pre-market hours.
BofA’s Tal Liani authored the research note, positioning generative artificial intelligence as a growth accelerant for Figma instead of a competitive threat. His thesis suggests AI will democratize the product development workflow, pulling more users into collaborative design environments rather than rendering such platforms unnecessary.
The stock had experienced a brutal selloff prior to this week. FIG tumbled approximately 85% from its 52-week high as investors worried that AI capabilities might erode Figma’s fundamental value proposition.
Liani challenged that pessimistic narrative head-on. “We take a more constructive view, and believe AI is more likely a tailwind, not a headwind,” his client note stated.
As of Tuesday morning, the stock changed hands near $22.51, recovering from its 52-week bottom of $16.60.
Customer Behavior Validates AI Revenue Opportunity
The BofA analysis wasn’t purely speculative — it referenced tangible customer engagement metrics supporting the bullish case.
During the first quarter of 2026, 75% of Figma’s enterprise accounts purchased supplemental AI credits after surpassing their included usage thresholds. This behavior provides hard evidence that corporate customers are actively adopting AI functionality rather than avoiding it.
The enterprise segment continues demonstrating strength. Accounts delivering over $100,000 in annual recurring revenue expanded 48% year-over-year. Net dollar retention registered at 139%, while paid-user expansion reached 54%.
These metrics reinforced Liani’s conviction in Figma’s dual pricing structure combining consumption-based AI charges with traditional seat licensing, which he believes positions the company to monetize expanding usage patterns effectively.
Institutional Sentiment Shifting Positive
Bank of America’s endorsement doesn’t stand in isolation. Citigroup launched coverage on July 1 with a Buy recommendation and $36 price target. Goldman Sachs similarly maintains a Buy rating with a $30 objective.
This means Figma now enjoys bullish ratings from three influential Wall Street institutions — a meaningful sentiment reversal from the skepticism that previously pressured the stock downward.
The company also saw three Form 4 insider transaction reports filed on July 6, signaling ownership changes among company insiders.
Broader market conditions created a challenging backdrop Tuesday, with Nasdaq 100 Futures declining 0.9% before the opening bell. Figma’s pre-market advance occurred despite this unfavorable environment.
The stock’s recovery actually predates Tuesday’s BofA note. Figma’s addition to major Russell indexes during June’s annual reconstitution generated passive fund inflows that helped establish a floor under the beaten-down shares.
With FIG continuing to trade beneath consensus analyst targets while enterprise performance indicators trend positively, Tuesday’s pre-market strength suggests institutional investors are gaining confidence in the turnaround narrative.
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