RBC Capital analyst Rishi Jaluria lowered the price target on Figma shares. The new target is $38, down from $65. This represents a decrease of over 41%. The firm maintained its "Sector Perform" rating.
The adjustment reflects a more cautious outlook on the stock’s near-term potential. Jaluria's research note indicated that 2026 could be a challenging year for software companies. This caution stems from the "AI is the death of software" narrative.
This cautious stance comes even as enterprise spending appears to be stabilizing.