Turning AI from disruption to a growth catalyst; Reinstate Buy and $30 PO

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Turning AI from disruption to a growth catalyst; Reinstate Buy and $30 PO

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Turning AI from disruption to a growth

catalyst; Reinstate Buy and $30 PO

Reinstating Coverage: BUY | PO: 30.00 USD | Price: 21.08 USD

AI strengthens Figma's strategic position 07 July 2026

We are reinstating coverage of Figma (FIG) with a Buy rating and a $30 PO, based on 8x Equity

CY27E EV/Sales. The stock is down 85% from its 52-week high amid concerns that

generative AI could disrupt the design layer and compress its value. We take a more Tal Liani Research Analyst

constructive view, and believe AI is more likely a tailwind, not a headwind. In addition, we BofAS

see encouraging traction in the company's transition toward a hybrid consumption/seat +1tal.liani@bofa.com646 855 5107

based pricing model, creating monetization opportunities while reinforcing adoption. Eden Vacnich

Research Analyst

AI expands the need for collaborative workflows BofAS+1 646 855 1971

We view AI as a powerful engine for rapid content generation, but Figma remains the eden.vacnich@bofa.com

platform that enables structured collaboration across multiple stakeholders. While AI can Kevin Niederpruem

accelerate initial creation, it could also increase the number of individuals building digital BofAS

products, leading to greater workflow complexity. We therefore believe the need for a +1 646 855-1540

kevin.niederpruem@bofa.com

centralized platform to coordinate, refine, and operationalize AI-generated outputs into

production environments will become increasingly important, reinforcing Figma's role.

Early indicators suggest AI is already driving growth Stock Data

Recent results point to a tangible AI-related tailwind, particularly through the company's Price 21.08 USD