JPMorgan analyst KennThington is said to be expected the shares of the New York Stock Exchange-Genter Stablecoin Emittent Circle (CRCL) with double digits of percentage points after an increase of almost 6 times in less than a month.
According to For Bloomberg, Worthington has set a price target of $ 80 for Circle, around 56% below the current price.
The JPMorgan analyst reportedly says that the biggest threat that Circle, which was made public on 5 June, is faces competition as more companies are preparing for publishing Stablecoins.
WORTHINGTON says,
“We are witnessing the launch of tokenized deposit accounts, digital money market funds and a large number of newcomers who want to enter into the digital dollar market. The risk is that a few will succeed in taking enough share to reach critical mass in a company with low switching costs, so that they can use the network built by the circle.”
Among the companies that are reportedly hosting plans to publish Stablecoins, gigantic retailers are Amazon and Walmart.
CRCL is traded at $ 182 at the time of writing, an increase of approximately 487% compared to the initial public offer price of $ 31, but by around 39% compared to the all times of around $ 299 reached on June 23. The Stablecoin emittent currently has a market capitalization of just over $ 40 billion and a price-win ratio of 234.
In contrast to JPMorgan, the British multinational bank Barclays are reportedly Bullish on Circle. Barclays analyst Ramsey El-Assal has set a price target of $ 215 on CRCL based on the fact that Stablecoins linked to the US dollar are prepared to continue to grow as traditional finances (Trandfi).
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Generated image: midjourney
