Citigroup has lowered the price targets for many crypto-related stocks due to the sector’s sharp decline this quarter but maintains a long-term positive outlook. The Wall Street bank states it remains “optimistic about digital asset stocks” despite recent token price volatility.
Circle Financial (CRCL), the issuer of the USDC stablecoin, continues to be Citi’s top pick, with the price target remaining at $243 even though the stock has fallen sharply to around $83.60. Other options include Bullish (BLSH) and Coinbase (COIN). The price target for BLSH has been lowered from $77 to $67, while COIN’s target is maintained at $505.
Citi also cut the price target for Strategy (MSTR) to $325 from $485, Riot Platforms (RIOT) to $23 from $28, and Gemini (GEMI) to $13 from $16 due to increasing competitive pressure.
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