Figma's (FIG) strategy for new creative materials and intelligent tools is taking shape, but the products are still in an early stage and their financial impact is unproven, RBC Capital Markets said in a note Thursday.

The investment firm said, however, that after attending Figma's Config user conference and investor event in San Francisco it has a "better appreciation for the pace of innovation."

Figma's key focuses are now an "evolution toward a seat-plus-consumption model" as well as on "why design matters more as AI commoditizes code," RBC said.

The company is also focusing on a "broad product suite extending the canvas into code, motion, and AI-native creative workflows" and is expanding beyond designers into roles like developers, and other creative positions, the note said.

Meanwhile, the company's AI strategy is also strengthening with some of the new products, RBC said, highlighting connectors to external tools like Slack and GitHub, as well as generative plugins, and visible agent chats.

"AI could be a real tailwind for Figma and expanded AI capabilities across the platform provide incremental monetization opportunities," the investment firm said.

RBC kept Figma's sector perform rating and lowered the company's price target to $22 from $28, citing peer multiple compression.

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