JPMorgan Heavy Street Wall (JPM) Coverage initiated from stablecoin emiser circle (CRCL) with a low weight rating and an objective price of $ 80.
The shares quoted 4.5% higher in around $ 189 at the time of publication.
Circle is well positioned, said the bank, and its USDC stablecoin has an “early advantage of the walks”, with increasing cases of use in payments.
“We thought very well about the circle management team and trust the prospects for the growth of Stablecoin and the USDC Huge,” wrote the analysts led by Kenneth Worthington.
Even so, analysts see the company’s market capitalization as high and initiated coverage with a low weight rating. The shares are priced at $ 31 per share in their initial public offer (IPO)and reached a record of $ 299 last Monday.
Other Wall Street analysts were not so bearish. The Bernstein corridor began coverage with a higher performance rating and an objective price of $ 230, saying that Circle was an “essential investor.”
“CRCL is building a leading digital dollar stable network in the market, with a strong regulatory advantage, a liquidity directory and marquisine distribution associations,” wrote the analysts led by Gautam Chugani.
Bernstein is also optimistic about the broader market of Stablecoin, and expects Total Market Cap to reach around $ 4 billion in the next decade of $ 225 billion today.
Rival Broker Canaccord Genuity began the Circle coverage with a purchase rating and an objective price of $ 247.
The firm’s analysts see the USDC issuer as “having many of the key attributes that could make it a long -term winner in this potentially large and new market for truly digital money.”
Read more: Circle Mania grabs South Korea while retail investors accumulate in the Stablecoin game
