Seaport Securities Initiates Coverage on Circle with Buy Rating, $235 Price Target
Seaport Securities has launched coverage of newly public stablecoin issuer Circle (CRCL) with a buy rating and a $235 price target, citing a massive growth runway for the stablecoin market. The Wall Street firm projects the sector could expand from $260 billion to $2 trillion in coming years.
Circle stands to capture significant upside with anticipated annual revenue growth of 25%-30% and gross margins around 40%. Analysts argue the company warrants premium valuation multiples given its expected outperformance versus fintech peers over the next 24 months.
The bullish call comes as CRCL shares surge 19% to $237 in Friday trading, already exceeding Seaport's target. The stock has delivered an eightfold return since its $31 debut just over two weeks ago.
