Core Viewpoint - Piper Sandler initiates coverage on Figma (FIG.US) with an "Overweight" rating and a target price of $85, highlighting the company's strong growth potential and early-stage platform development [1] Group 1: Financial Performance - Figma's preliminary annual recurring revenue for Q2 is approaching $1 billion, indicating robust growth [1] - The company is projected to exceed $3 billion in annual revenue by 2030, with free cash flow margins expected to expand beyond 30% [1] Group 2: Market Position and Strategy - Figma is in the early stages of building an end-to-end platform aimed at helping businesses convert creative ideas into digital products [1] - The company has multiple growth drivers, including a new pricing strategy implemented in March 2023, which raised prices by 20%-33% [1] - Figma has a significant user base with 25 million monthly visitors and 13 million active users, presenting a strong potential for converting free users to paid subscriptions [1] Group 3: Competitive Landscape - Figma competes with companies like Adobe (ADBE.US) and is leveraging AI solutions to capitalize on industry opportunities [1][2] - The analyst notes that while ambitious new products may temporarily pressure profit margins, they will lay a stronger foundation for long-term growth [2]
Piper Sandler：Figma(FIG.US)坐拥多重增长引擎 首予“增持”评级