Circle Internet Group, Inc. Class A, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Ed Engel from Compass Point maintained a Sell rating on the stock and has a $92.00 price target.
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Ed Engel’s rating is based on the potential competitive threat posed by Western Union’s upcoming stablecoin, USDPT, which could disrupt the current market dynamics. Western Union’s extensive global network and its partnership with Anchorage Digital for the issuance of USDPT on Solana’s blockchain present a significant challenge to existing stablecoins, particularly in emerging markets where Tether has been dominant.
Furthermore, the introduction of USDPT could lead to a shift in market share among stablecoin issuers, as Western Union’s pivot to blockchain technology aims to lower transaction costs and protect its remittance business from further disruption. This strategic move by Western Union might impact Circle Internet Group, Inc.’s market position, prompting Ed Engel to issue a Sell rating for CRCL stock.
In another report released on October 24, J.P. Morgan also maintained a Sell rating on the stock with a $93.00 price target.