JPMorgan Chase Predicts Massive Correction for Circle (CRCL) – Here’s the Bank’s Price Target: Report

JPMorgan analyst Kenneth Worthington reportedly expects the stock of the New York Stock Exchange-listed stablecoin issuer Circle (CRCL) to fall by double-digit percentage points after a nearly 6x rise in less than a month. According to Bloomberg, Worthington has set a price target of $80 for Circle, about 56% below the current price. The JPMorgan analyst reportedly says the biggest threat that Circle, which went public on June 5th, faces is competition as more firms prepare to issue stablecoins. Worthington says, “We are witnessing the launch of tokenized deposit accounts, digital money market funds, and a host of new entrants looking to enter into the digital dollar market. The risk is that a few will succeed in taking enough share to reach critical mass in a business with low switching costs, allowing them to leverage the network built by Circle.” Among the companies that are reportedly harboring plans to issue stablecoins are giant retailers Amazon and Walmart. CRCL is trading at $182 at time of writing, up by about 487% from the initial public offering price of $31 but down by around 39% from the all-time high of about $299 reached on June 23rd. The stablecoin issuer currently has a market capitalization of a little over $40 billion and a price-to-earnings ratio of 234. In contrast with JPMorgan, British multinational bank Barclays is reportedly bullish on Circle. Barclays analyst Ramsey El-Assal has set a price target of $215 on CRCL on the basis that stablecoins pegged to the US dollar are primed to keep growing as traditional finance (TradFi) embraces them. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase Predicts Massive Correction for Circle (CRCL) – Here’s the Bank’s Price Target: Report appeared first on The Daily Hodl .