The analyst views Figma's current valuation as conservative, citing its 48% year-over-year revenue growth in Q2 and active AI monetization, with 80% of large customers utilizing AI credits weekly. Figma's growth rate is nearly four times faster than Adobe and twice that of Atlassian, justifying a premium multiple. Figma currently trades at $27.27, and management has raised its full-year revenue outlook to $1.463 billion-$1.467 billion.