Core Viewpoint - Bank of America Securities maintains a "Neutral" rating on Figma (FIG.US) but lowers the target price from $85 to $69 due to signs of slowing growth [1] Group 1: Financial Performance - Figma's Q2 revenue grew by 9% quarter-over-quarter, within the range of 8% to 13% observed over the past two years [1] - The annualized revenue contribution from customers exceeding $100,000 grew by 7%, down from 13% in Q2 2024 [1] - Year-over-year revenue growth for Q2 was 41%, a decrease from 46% in Q1 [1] - Figma expects Q3 revenue to grow by 33%, not accounting for the impact of AI monetization [1] Group 2: AI Monetization and Profitability - Figma's AI monetization is expected to begin in FY2026, which could drive performance improvements [1] - The profit margin guidance for FY2025 is 9.1%, exceeding Bank of America's model by 30 basis points, indicating potential for margin enhancement with the launch of efficiency products [1] Group 3: Market Position and User Base - Figma holds a strong market position in the $36 billion digital design industry, with potential for market share expansion [2] - The company boasts 13 million monthly active users and 450,000 paying customers [2] - Figma offers a comprehensive suite of services, including collaboration features, whiteboard drawing, development, website, social media, and vector graphics [2] - The company has strong generative AI capabilities [2] Group 4: Stock Performance - Following the release of its first earnings report since the IPO in July, Figma's stock fell by 19.92% to $54.56, as the results did not meet market expectations [2]
业绩未能支撑高估值 美银证券下调Figma(FIG.US)目标价至69美元