Goldman Sachs initiates Figma coverage on Neutral with a PT of $48.

Goldman Sachs initiates Figma coverage on Neutral with a PT of $48.

Goldman Sachs has initiated coverage on Figma Inc. (NYSE: FIG) with a Neutral rating and a price target of $48.00. The investment bank joins a growing list of Wall Street firms that have begun analyzing the design software company following its successful IPO in June 2025.

Goldman Sachs highlighted Figma's competitive strengths, including its large user base of 13 million monthly active users and 450,000 paying customers. The bank also noted Figma's advanced generative AI capabilities as a key differentiator in the $36 billion digital design industry. Despite these strengths, Goldman Sachs remained cautious, attributing the Neutral rating to Figma's high valuation, which the bank believes already reflects much of its growth potential.

The Neutral rating and price target of $48.00 place Goldman Sachs in line with other major brokerages that have initiated coverage on Figma. Wells Fargo, for instance, set a price target of $82.00, while Morgan Stanley and RBC Capital Markets have set targets of $80.00 and $75.00, respectively. JPMorgan has a more conservative target of $65.00, while Piper Sandler, which initiated coverage with an Overweight rating, has set a target of $85.00.

Figma's strong IPO performance, with shares more than doubling from its IPO price of $33 to $85, has drawn significant investor attention. The company's market value of $37.68 billion as of last close now far exceeds the $20 billion price tag from a now-abandoned buyout deal with Adobe in December 2023. Figma's prominent backers include venture capital firms Kleiner Perkins and Sequoia.

The Neutral rating from Goldman Sachs reflects a balanced view of Figma's potential, acknowledging its competitive position and growth prospects, while also considering the high valuation and the potential challenges posed by intense competition and AI-driven innovation.

References:

[1] https://site.financialmodelingprep.com/market-news/bofa-initiates-coverage-on-figma-with-neutral-rating-and--price-target
[2] https://www.investing.com/news/analyst-ratings/wells-fargo-initiates-figma-stock-with-equal-weight-rating-82-price-target-93CH-4208416
[3] https://finance.yahoo.com/news/figma-draws-neutral-ratings-wall-111421380.html