Figure Technology rises after BofA upgrades stock

** Figure Technology's FIGR.O shares rise 3% to $39.50

** BofA Securities upgrades blockchain-native fintech company to "neutral" from "underperform"; raises PT to $49 from $31, representing 28% upside to last close

** Stock valuation is no longer expensive following recent momentum at Figure Connect, the firm's blockchain native loan marketplace, says brokerage

** BofA had earlier this year downgraded FIGR following a stock rally

** "Since then, the valuation has become less of a concern, while the fundamental story has strengthened rather than cracked" - BofA

** Seven of 8 brokerages rate the stock "buy" or higher and 1 "hold"; median PT $54.50 - LSEG data

** As of last close, FIGR shares down 6.3% YTD