JPMorgan Upgrades Circle Rating: Potential 16% Price Increase Expected

JPMorgan has raised its rating for Circle (CRCL) from ‘underweight’ to ‘overweight’, boosting the target price from $94 to $100. This signals a potential 16% increase, according to analysts. Notably, analyst Kenneth Worthington attributes this optimism to Circle’s strengthened fundamentals and strong Q3 performance. Circle’s stock has experienced significant growth since its IPO at $31, soaring 178%, though it remains 67% below its June peak. Worthington sees this as a buying opportunity, noting that stablecoins are gaining traction in mainstream finance with Circle’s USDC leading the charge. Following the rating upgrade, Circle’s stock surged over 1%.