Brokerages start coverage on Circle with mixed ratings, shares fall
Shares of stablecoin issuer Circle Internet CRCL.N down 2.2% in premarket trading
At least three brokerages initiate coverage on CRCL, as industry mandated quiet period ends
Earlier in June, CRCL went public, becoming the first major crypto company to list since Coinbase debuted on Nasdaq in 2021
J.P. Morgan initiates coverage on the stock with an 'underweight' rating and PT $80, implying a downside of 56.3% to the stock's last close of $180.43
JPM cites CRCL's elevated market capitalization for its bearish rating, even though it says co is well positioned in stablecoin market
Bernstein starts coverage with 'outperform' and $230 PT
Goldman Sachs launches coverage with 'neutral' and $83 PT, as per thefly.com
Earlier this month, Seaport Research Partners initiated with coverage with 'buy' and $235 PT
Its stock closed the previous session at $180.43, vs the IPO price of $31 apiece
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