** Design software maker Figma's FIG.N shares rise ~1.3% to $70.34 premarket

** Piper Sandler starts coverage on FIG with 'overweight' rating; sets PT at $85, implying an upside of ~22.5% to stock's last close

** Brokerage says FIG has a differentiated platform, an attractive business model, and broad-based global reach with over 450,000 customers

** Adds tailwinds aided by new AI-powered solutions could help triple annual recurring revenue to over $3 billion and expand free cash flow to more than 30% by 2030

** Co makes collaborative design software used to build websites, apps and digital products, and its customers include streaming giant Netflix NFLX.O and travel firm Airbnb ABNB.O

** FIG went public late last month in a blowout market debut after raising $1.2 billion in a U.S. IPO

** Co's stock closed the previous session at $69.41, up ~110% from its IPO price of $33

(Reporting by Manya Saini in Bengaluru)

((Manya.Saini@thomsonreuters.com))