Shares of FIGS, Inc. (FIGS) are soaring 5.22% in pre-market trading on Tuesday, following a positive analyst update from Barclays. The healthcare apparel company's stock is gaining momentum after Barclays raised its price target on FIGS from $4 to $5, while maintaining an Equal Weight rating on the shares.
The price target increase comes after FIGS reported better-than-expected first-quarter results, demonstrating the company's resilience in a challenging market environment. While Barclays' new target price suggests limited upside from current levels, investors appear to be responding positively to the improved outlook.
Despite the optimistic price target revision from Barclays, it's worth noting that Telsey Advisory Group has maintained its Market Perform rating on FIGS stock. This mixed sentiment from analysts suggests that while there are positive developments for the company, some caution remains in the market. As FIGS continues to navigate the competitive healthcare apparel sector, investors will be closely monitoring its performance and future guidance.
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