Wall Street bank Citigroup updated its digital asset equity coverage to reflect recent general declines in crypto, but remains bullish on the sector.
“Despite recent token volatility, we remain bullish on digital asset stocks,” analysts led by Peter Christiansen wrote in a Friday report.
USDC stablecoin issuer Circle Financial ( CRCL ) remains Citi’s top pick, with the team reiterating its price target of $243, even after the stock’s big recent drop to the current $83.60.
Christiansen’s next top picks were Bullish (BLSH) and Coinbase (COIN). “We see BLSH in the sweet spot benefiting from increasing institutional (especially in the US) and TradFi participation,” he wrote. BLSH’s price target was cut to $67 from $77, still significant upside from the current $44. COIN’s price target was kept at $505 against its current $242.
Buy-rated Strategy (MSTR) also received a price target cut following its recent dive into the $160 area. The new price target of $325 from $485 previously still suggests about 100% upside.
The bank is also bullish on bitcoin miner Riot Platforms ( RIOT ), although it is lowering its price target to $23 from $28. Riot recently changed hands at $14.
The team also cut its price target for neutrally rated Gemini (GEMI) to $13 from $16, citing “increasing competitive challenges.” Shares were trading at around $11 on Friday morning.
Read more: Bitcoin weakness sends warning to stocks, but liquidity may turn around soon, Citi says
