Circle initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Circle (CRCL) with a Neutral rating and $83 price target implying 54% downside from current share levels. Circle is a “unique asset” in the public markets, as the only pure play crypto-native company that has potential upside from expansion into “very large” existing fiat markets, without the direct price volatility inherent to crypto trading, the analyst tells investors in a research note. The firm sees a “healthy growth outlook” for the company but says the stock’s current valuation “appears elevated.”