Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle (CRCL), the stablecoin issuer behind USDC, got a second upgrade by Wall Street analysts in a week, and this time by its biggest bear.
Compass Point’s Ed Engel, who had a sell rating and the lowest price target among analysts, has upgraded the stock to Neutral just a day after Mizuho’s Dan Dolev revised his bearish outlook.
However, Engel kept his price target the lowest among Wall Street analysts covering the stock, despite the upgrade. His new price target is $60, down from $75 due to premium valuation (more on that later).
The stock fell 7.3% during regular trading hours on Thursday to $67.55, but rose about 1% in post-market trading.
His upgrade reflects a changing narrative around the stock, which Engel now…
