Circle's Valuation Not Stretched, Says Citi, Starting Coverage With Buy Rating
2025-07-01 13:19:05
Main Idea
Citi initiated coverage of Circle with a buy rating and a $243 price target, citing its neutrality as a key competitive strength and potential to facilitate stablecoin adoption.
Key Points
1. Citi started coverage of Circle (CRCL) with a buy/high risk rating and a $243 price target, suggesting ~34% upside from the previous close.
2. Circle's key competitive strength is its neutrality, positioning it as a prime facilitator of stablecoin adoption.
3. Despite the stock's rally since its IPO and recent volatility, Citi believes its valuation is not stretched.
4. JPMorgan is less bullish on Circle's valuation compared to Citi.
Description
Circle (CRCL) has the opportunity to be a prime facilitator of stablecoin adoption, Wall Street bank Citigroup said in a research report Monday assuming coverage of the stock. Despite the stock's outsized rally since going public, Circle's valuation is not stretched, the report said. The stablecoin issuer priced at $31 a share in its initial public offering (IPO), and hit a record high of $299 last week before slipping back to $181 since. The bank's analysts initiated coverage of the shares with...
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