- Citi analysts reiterated a Buy rating on Circle (CRCL) with a $243 price target, signaling 140% upside potential.
- Despite an 18% stock crash earlier this week due to the Clarity Act, Citi sees the slump as a buying opportunity.
- Analysts argue stablecoin utility for cross-border payments remains intact, as Circle‘s USDC hits a record in adjusted transaction volume.
- While other crypto firms face target cuts, Circle is named a top pick for benefiting from “idiosyncratic factors.”
Analysts at Citi are expressing strong bullish sentiment on crypto payments firm Circle (CRCL) this week, raising their forecast and naming it a top pick. Citi analyst Peter Christiansen reiterated a Buy rating with a $243 target, which implies a 140% gain from recent trading levels near $98.38.
However, the stock faced significant pressure earlier this week, crashing 18% on Tuesday as the Clarity Act continues to hit crypto stocks hard. Consequently, Citi appears to view the present slump as a solid buying opportunity, where a $1,000 investment could yield substantial returning profits.
Investors recently grew worried that a proposed ban on passive yield for stablecoins would hurt Circle‘s business model. Christiansen directly addressed this concern in his report, writing “We also do not believe this development thwarts real-world use cases for stablecoins, including cross-border payments or agentic commerce.”
Meanwhile, the company is seeing a massive jump in on-chain activity, with its USDC stablecoin recently hitting a record in adjusted transaction volume. This proves that real businesses are using the coin for more than just trading, according to Bitcoin-worth-over-1b”>data shows.
Furthermore, while other crypto firms like Gemini (GEMI) have seen their targets slashed, Circle is holding its ground. The firm is benefiting from what Citi calls “more idiosyncratic factors,” insulating it from broader market gloom.
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