Circle Internet initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Circle Internet (CRCL) with an Overweight rating and $160 price target The analyst, who started coverage on 20 stocks in the Payments, Processors & IT Services sector, says the Payments space has suffered from rotation to AI-centric stocks, as well as multiple instances of subpar execution by various companies, but the firm thinks “too many stocks have been painted with the same brush,” the analyst tells investors. The Payments sector has “been a minefield for investors,” but the firm sees some “particularly attractive opportunities,” the analyst added.