Wall Street Heavyweight Morgan (JPM) Start covering Stablecoin issuer circle (CRCL) With underweight rating and a price target of $80.
The stock price was 4.5% higher at the time of publication, about $189.
The bank said Circle is in a good position, its USDC Stablecoin has a “early advantage” and there are increasing use cases in payments.
“We have a high opinion of the Circle Management team, with confidence in the prospects for growth of the big Stablecoin and USDC,” wrote Kenneth Worthington analysts.
Despite this, analysts have increased the company’s market value and started covering it with an underweight rating. The stock’s initial public offering price is $31 per share (IPO)and hit a record $299 last Monday.
Other analysts on Wall Street are not that bearish. Broker Bernstein, who rated better than the $230 price target, said Circle was “a must-have for investors.”
“CRCL is building a leading digital dollar stabilization network with strong regulatory advantages, liquidity sales and Marquee distribution partnerships,” wrote Gautam Chhugani-led analysts.
Bernstein is also bullish on the broader stable market and expects total market cap to reach $4 trillion from today’s $225 billion over the next decade.
Competitive broker Canaccord Genuity started covering Circle with a buy rating and a $247 price target.
The company’s analysts see USDC’s issuer as “having many key attributes that can make it a long-term winner in this potentially large and genuine digital funding new market.”
Read more: Circle Mania catches South Korea when retail investors pile on Stablecoin Play
