Circle initiated with a Perform at Oppenheimer

Oppenheimer initiated coverage of Circle (CRCL) with a Perform rating and no price target Circle is the issuer of USDC, a tokenized U.S. dollar running on the internet that is the second-largest stablecoin globally with market share of 24%, the analyst noted. Circle is a “clean” way to get exposure to blockchain disruption in money market funds, real estate, consumer payments, and capital markets and the firm has “a very favorable view” of Circle’s fundamentals and outlook, but its rating is “mainly grounded on valuation” given that the stock went from its IPO price of $31 to $180 within four weeks, the analyst tells investors.