UPDATE: Credit Suisse Starts Figs Inc. (FIGS) at Outperform

Credit Suisse analyst Michael Binetti initiates coverage on Figs Inc. (NYSE: FIGS) with a Outperform rating and a price target of $41.00.

The analyst comments "FIGS is disrupting the innovation-starved and stagnant $12B US healthcare apparel industry by reengineering the core scrubs category, using cues from performance sportswear brands (like Lululemon) to replace low-fashion, ill-fitting incumbents. Rapid new customer growth, low market share today (2%), and solid customer affinity/repeat rates support our forecast for +39% revenue growth in ’20-’23 (CAGR). A unique combination of revenue growth above other category disruption stories (which often prioritize growth over margins) and strong profitability today (in line with quality brands like NKE/LULU) make FIGS an attractive asset, in our view."

For an analyst ratings summary and ratings history on Figs Inc. click here. For more ratings news on Figs Inc. click here.

Shares of Figs Inc. closed at $36.40 yesterday.

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