KeyBanc initiates Figs at overweight, says scrubs brand can grow like Lululemon

The New York Stock Exchange welcomes executives and guests of FIGS, Inc. (NYSE: FIGS), on May 27, 2021, in celebration its Initial Public Offering.

The burgeoning power of the Figs brand means that the company's stock should continue its hot start, according to KeyBanc Capital Markets.

The medical apparel company went public through an initial public offering last month, pricing at $22 per share. The stock has jumped more than 60% in the weeks since its debut.

Analyst Edward Yruma initiated coverage of the stock at overweight, saying in a note to clients on Monday that scrubs brand is poised to make itself a singular name in the space.

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