Wall Street split on Circle stock as JPMorgan, Goldman warn on valuation
Main Idea
Major Wall Street firms have begun coverage of Circle's stock post-IPO, with most setting bullish price targets above $200, though JPMorgan and Goldman Sachs express caution due to perceived overvaluation.
Key Points
1. Barclays, Bernstein, JPMorgan Genuity, and Needham set Circle's stock price target above $200, highlighting its competitive advantages.
2. Bernstein analysts view Circle as building a market-leading digital asset platform.
3. JPMorgan set a price target of $80, 59% below the current trading price of $185, citing excessive valuation despite praising Circle's business model.
4. Goldman Sachs started coverage with a neutral rating and a price target of $83, acknowledging Circle's growth potential but noting elevated valuation.
5. JPMorgan and Goldman Sachs analysts highlighted Circle's early-mover advantage in the stablecoin market but cautioned on current market capitalization.
Description
Major Wall Street firms have begun their coverage of Circle’s stock, but projections diverge widely. Circle’s successful IPO is catching the attention of Wall Street. On Monday, June 30, after the mandatory quiet period ended, major financial institutions began coverage of the stock. Firms including Barclays, Bernstein, and JPMorgan released their ratings and price targets. Barclays, Bernstein, Canaccord Genuity, and Needham all set Circle’s stock price target above $200, implying upside potenti...
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