Wall Street analysts turned sharply more bullish on FIGS Inc after the medical apparel company reported fourth-quarter results showing accelerating sales and customer growth. Goldman Sachs upgraded the stock to Neutral from Sell, raising its 12-month price target to $14 from $7.50, citing improved revenue momentum and margin expansion. KeyBanc followed with an Overweight rating and $17 target, while Barclays also upgraded to Overweight.

Goldman said its previous cautious stance reflected concerns about slowing U.S. growth and margin pressure, but recent results demonstrate strengthening market share and broad-based momentum. The quarter showed marked acceleration in sales, active customers, and domestic scrubwear purchases, boosting confidence in sustained revenue growth. KeyBanc highlighted accelerating active customers, higher average order values, and improving inventory levels.

Barclays pointed to a 33% year-over-year revenue increase in the fourth quarter, with strength across geographies and categories. The bank noted positive sales-to-inventory inflection, refreshed products including new fabrics, and reinvestment initiatives aimed at driving domestic and international growth. FIGS appears to have moved past supply chain disruptions, elevated promotions, and tariff-related margin pressures that weighed on performance after its 2021 IPO.