Circle initiated with a Buy at Citi

Citi initiated coverage of Circle (CRCL) with a Buy rating and $243 price target Stablecoins offer incremental speed, cost, and transparency improvements for many payment types, but their “key technology advantage lies in their programmability,” which the firm believes can introduce new payments use cases, the analyst tells investors. Circle’s “key competitive strength is its neutrality,” adds the analyst, who is positive on Circle’s opportunity to be a leading enabler of stablecoin adoption.