Circle (CRCL, Financials), the stablecoin giant behind USDC, made its Wall Street debut this week — but analysts are divided on where the stock goes next.
Following the end of the IPO quiet period, major banks began coverage of CRCL. Bulls including Barclays, Bernstein, Canaccord Genuity, and Needham set price targets above $200, citing Circle’s early-mover advantage, strong partnerships, and regulatory moat in the digital dollar space.
CRCL is building a market-leading stablecoin network that’s hard to replicate, Bernstein analysts said.
But JPMorgan and Goldman Sachs took a more cautious view. JPMorgan analyst Kenneth Worthington set a target of $80 — 59% below the current $185 share price — warning the valuation may be running ahead of fundamentals.
Goldman also launched coverage with a Neutral rating and an $83 target. Analyst James Yaro acknowledged Circle’s favorable position in the stablecoin race but said, “Valuation appears elevated.”
Circle currently holds a $62 billion market cap for USDC; it continues to gain market share amid global regulatory tailwinds. Still, as lock-up expiries and potential rate cuts loom, investor sentiment may remain volatile.