H.C. Wainwright upgraded Circle Internet Group (NYSE:CRCL) to Buy from Neutral on Monday and raised its price target to $150 from $85. The stock currently trades at $114.
The upgrade follows the successful presale of the ARC token, the native utility token for Circle's Layer 1 blockchain network Arc. H.C. Wainwright views the value creation opportunity from the Arc network as thesis-changing for Circle shareholders.
The firm said Arc's initial $3 billion fully diluted network value appears undervalued. Near-term results from Circle's core stablecoin business should show stability. Circle's revenue surged 51% in the last twelve months.
New product launches like Circle Agent Stack and greater regulatory clarity for digital assets in the U.S. are expected to drive adoption of USDC. The CLARITY Act cleared the Senate Banking Committee on Thursday.
This article was generated with AI support and reviewed by an editor.
