Canaccord Genuity analyst Joseph Vafi has maintained their bullish stance on CRCL stock, giving a Buy rating on September 8.
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Joseph Vafi has given his Buy rating due to a combination of factors that highlight Circle Internet Group, Inc. Class A’s strong growth potential. One of the primary reasons is the impressive increase in USDC circulation, which has surpassed expectations and reflects a significant uptrend post-IPO. This growth is largely driven by widespread activity in digital assets, particularly within crypto capital markets, indicating a robust market presence.
Additionally, the passage of the Genius Act has provided a favorable regulatory environment for stablecoins like USDC, recognizing them as equivalent to cash in the US. This development positions USDC as a leading player in the emerging ‘money layer’ of the internet. Furthermore, Circle’s Payments Network has shown promising momentum with the addition of key partners and expansion into new markets, which could further enhance USDC’s market share globally. These factors collectively support the Buy rating for Circle Internet Group, Inc. Class A.
Vafi covers the Technology sector, focusing on stocks such as Circle Internet Group, Inc. Class A, Strategy, and Globant SA. According to TipRanks, Vafi has an average return of 28.0% and a 52.14% success rate on recommended stocks.
In another report released on September 8, Bernstein also maintained a Buy rating on the stock with a $230.00 price target.