Bofa upgrades $FIGR to NEUTRAL. Notable given the competitive dynamics between the two firms - Bofa 3.9% share in home equity originations vs. must faster growing Figure at 2.1% - and analyst Siegenthaler had been a vocal bear. "Our prior Underperform call was mostly driven by the FIGR stock’s rich valuation in January. Since then, valuation has become less of a concern and the fundamental story has strengthened rather than cracked."
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