Wall Street Tongue Weight JPMorgan (JPM) Initiated cover of stableecoin issuing circle (CRCL) with an underweight assessment and a undergoing $ 80 price target.
The shares traded 4.5% higher at about $ 189 at publication time.
Circle is well placed, the bank said, and its USDC stableecoin has an “early mover benefit” with growing use cases in payments.
“We are thinking a lot about the Circle Management Team and are sure of the prospects of the great stableecoin and USDC growth,” wrote analysts led by Kenneth Worthington.
The analysts still see the company’s market value as elevated and initiated coverage with an underweight assessment. The share priced at $ 31 per Stock in the original public offer (IPO)and hit a record height of $ 299 last Monday.
Other Wall Street analysts were not so bearish. Broker Bernstein initiated coverage with a better rating and a $ 230 price target and said Circle was a “Investor Must team.”
“CRCL builds a market-leading digital dollar stableecoin network with a strong regulatory edge, liquidity’s main species and Marquee distribution partnerships,” analysts led by Gautam Chhugani wrote.
Bernstein is also Bullish about the wider stableecoin market and expects the total market cap to reach about $ 4 trillion in the next decade from $ 225 billion today.
The rival broker Canaccord Genuity started covering the circle with a purchase rating and a price target of $ 247.
The company’s analysts consider the issuer of USDC as “having many of the most important attributes that could make it a long -term winner in this potentially very large and new market for truly digital money.”
Read more: Circle Mania grabbed South Korea as retail investors jump into stableecoin -game
