BTIG analyst Nick Altmann initiates coverage on Figma Inc (NYSE: FIG) with a Neutral rating.

The analyst comments "We initiate coverage on FIG shares with a Neutral rating. FIG pioneered the way in which UI/UX design is conducted today via its browser-based, multi-player design platform, providing a swath of stakeholders a system of record to help turn ideas into digital products. This industry leadership has allowed FIG to grow rapidly (41% in FY25) despite reaching significant scale (>$1B run-rate in FY25), and early usage signals for FIG Make and its AI features get us constructive on potential AI monetization in the NT. That said, the degree to which AI monetization can be a durable growth driver remains ambiguous, and while we remain upbeat around its AI strategy and the constructiveness of our customer convos, we wait for a better entry point."

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Shares of Figma Inc closed at $18.16 yesterday.