Circle stock price target slashed as bank labels it ‘Switzerland of stablecoins’

cryptonews02-26 21:49

Circle stock price popped by over 35% on Wednesday, its best day since going public, after publishing stronger revenue and USDC stablecoin growth than expected. Summary Circle stock price soared ...

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This surge boosted its market capitalization to nearly $20 billion.In a note, the analysts praised Circle for another solid quarter in which its stablecoin holdings and revenue jumped. Its stablecoins in circulation rose by over 100% to $75 billion, a figure that Circle expects to have a CAGR of over 40%.Instead of using the expensive and time-consuming Swift network, banks and other fintech companies can use its stablecoin-powered platform. CPN costs are negligible, while transactions are completed in seconds. Its annualized volume has jumped to over $5.7 billion, with 55 institutions in the network.Most notably, Circle is building Arc","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106831901.USD":"贝莱德世界金融基金A2","CRCO":"YIELDMAX CRCL OPTION INCOME STRATEGY ETF","CRCA":"Proshares Ultra CRCL","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","ICRC":"Bitwise CRCL Option Income Strategy ETF","CRCD":"T-REX 2X Inverse CRCLDaily Target ETF","CRCL":"Circle Internet Corp.","CCUP":"T-REX 2x Long CRCL Daily Target ETF","LU1861217088.USD":"贝莱德金融科技A2","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","CRCG":"2倍做多CRCL ETF-Leverage Shares","BK4023":"应用软件","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC"},"translate_title":"Circle股价目标大幅下调，银行将其称为“稳定币瑞士”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ICRC":0.6,"CRCG":0.6,"CRCA":0.6,"CRCO":0.6,"CRCD":0.6,"CCUP":0.6,"CRCL":1.96},"content_text":"Circle stock price popped by over 35% on Wednesday, its best day since going public, after publishing stronger revenue and USDC stablecoin growth than expected.\n\n\nSummary\n\n\n\nCircle stock price soared after publishing strong financial results on Wednesday.\nCanaccord Genuity analysts maintained a bullish outlook for the stock.\nThey slashed their CRCL stock target to $160, a 93% upside from the current level.\n\n\n\nCircle Internet Group jumped to $83, its highest level since January 15, and 66% above its lowest level this year. This surge boosted its market capitalization to nearly $20 billion. \nCanaccord Genuity slashes Circle stock forecast\nAnalysts at Canaccord Genuity, a firm with more than $110 billion in assets under management, maintained the bullish view on the company, even as they reduced the price target. They slashed their Circle stock forecast by 35% from $247 to $160.\nIn a note, the analysts praised Circle for another solid quarter in which its stablecoin holdings and revenue jumped. Its stablecoins in circulation rose by over 100% to $75 billion, a figure that Circle expects to have a CAGR of over 40%.\nCanaccord Genuity also identified other potential catalysts. The most notable one is Circle Payment Network, which aims to disrupt how money moves globally. \nInstead of using the expensive and time-consuming Swift network, banks and other fintech companies can use its stablecoin-powered platform. CPN costs are negligible, while transactions are completed in seconds. Its annualized volume has jumped to over $5.7 billion, with 55 institutions in the network. \nMost notably, Circle is building Arc, its layer-1 network, which has attracted hundreds of developers. Canaccord believes that CPN will ultimately run on Arc, leading to higher revenues in the future. \nCircle named the “Switzerland of stablecoins”\nAdditionally, Canaccord believes that Circle is the “Switzerland of Stablecoins” since stablecoins are its only business, and that USDC is the biggest GENIUS-Act compliant coin. As such, it can gain more adoption from companies seeking to leverage stablecoins to cut transaction costs. The report added:\n\n“The launch of competitive stablecoins from eCommerce or financial services giants could be more problematic in terms of their widespread adoption. For example, would Amazon really want to accept WalMart’s stablecoin?”\n\nMeanwhile, John Todaro, a top Needham analyst, slashed Circle’s target from $190 to $130, while William Blair reiterated its outperform rating on the stock. The consensus estimate among Wall Street analysts is $131, up by about 57% above the current level. \n\n\n\n\n\n                You might also like:\n            \n\n                Bybit expands stablecoin yield and fixed-income products","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614204745","isCrawlerRequest":true}