“Citi’s $ 243 Price Target Suggests Roughly 34% Upside from Last Night’s Close Just Above $ 181.”, – WRITE: www.coindesk.com
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 Initated Coverage of the Shares with a Buy/High Risk Rating and A $ 243 Price Target, or About 34% Upside from Last Night’s Close.
Stablecoins are cryptocurrencies whose valve is tied to anOTHER asset, Such as the US dollar or Gold. They Play A Major Role in Cryptocurrency Markets and are Also Used to Transfer Money Internationally.
Circle Benefits from “Scarcity Value, A ‘Winner Takes MOST’ construct, a large addressable opportunity, legislative momentum” and “significant” the “the reporting legging legeate.
The Company ‘”Key Competitive Strengt Is Neutrality,” Analysts Led by Peter Christiansen Wrote, Adding that “Circle’s Defense Against The Risk of Stablecoin Fragment.
Due to the Company’s Weighty Operation Leverage and Low Capital Intensity, The Stablecoin Issuer Can Achiev Large Excess Returns Given the Potential Addressable Market, The Report Adeded.
Rival Wall Street Bank Jpmorgan Is Not As Bullish, Beginning Coverage of Circle with An Underweight Rating YESTERDAY, CITING The Stock’s Valuation.
Read More: Circle Valuation Is ‘Outside Our Comfort Zone,’ Initiate at Underweight: Jpmorgan
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