Analysts at Citi are bullish on crypto payments company Circle (CRCL), with the firm raising its forecast for CRCL stock this week. Citi analyst Peter Christiansen has reiterated a Buy rating on CRCL with a $243 target, signaling 140% upside. At press time, the company’s shares are trading at 98.38, down 5% on Thursday, but remain up 12% in March.
While new rules in the Clarity Act have caused some market gloom, Citi has named Circle as one of its “top picks” because it is “benefiting from more idiosyncratic factors.” CRCL Investors recently grew worried that a proposed ban on passive yield for stablecoins would hurt Circle’s business. Christiansen directly addressed this in his report. He wrote that “We also do not believe this development thwarts real-world use cases for stablecoins, including cross-border payments or agentic commerce.”
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Earlier this week, Circle (CRCL) saw its stock crash crash 18% on Tuesday, as the Clarity Act continues to hit crypto stocks hard. However, Citi appears to see the present slump as a solid buy opportunity. A $1,000 investment now could reap returning profits of over $9,000.
Furthermore, while other crypto firms like Gemini (GEMI) have seen their targets slashed, Circle is holding its ground. The company is seeing a massive jump in on-chain activity, with USDC recently hitting a record in adjusted transaction volume. This proves that real businesses are using the coin for more than just trading.