Brokerages initiate coverage on Circle with mixed views, flag lofty valuation
Shares of stablecoin issuer Circle Internet CRCL.N marginally up in choppy early trading
At least eight 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
Goldman Sachs launches coverage with 'neutral' and $83 PT; views CRCL’s business and growth attractively, but notes that valuation appears elevated
Bernstein starts coverage with 'outperform' and $230 PT, calling the stock "an investor must-hold, to participate in the new internet-scale financial system built for the next decade"
Earlier this month, Seaport Research Partners initiated coverage with 'buy' and $235 PT
Its stock is currently trading at $180.25 vs the IPO price of $31 apiece
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