Compass Point upgraded Circle Internet (CRCL) to Neutral from Sell with a price target of $60, down from $75. Circle is now trading on crypto beta and the firm expects shares to continue trading off crypto sentiment in the first half with fewer idiosyncratic drivers to help shares de-correlate with crypto prices, the analyst tells investors. With 75%-plus of USDC used for speculative activity that’s tied to crypto cycles, it could take years before Circle’s revenue decouples from crypto cycles, the analyst added.
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