Circle Internet Group Targets $82 as Analysts Predict 31% Upside

Analyst Bryan Bergin at TD Cowen initiated coverage of Circle Internet Group (NYSE: CRCL) on August 3, assigning a Buy rating and an $82 price target. This represents roughly 31% upside from the stock's current trading price of around $62.61.

The company's revenue has grown significantly in the last year, reaching $2.86 billion, up 51% year over year. Circle is transitioning away from its early model of issuing USDC and collecting interest on reserve income, instead focusing on fee-based products such as CPN, CCTP, USYC, StableFix, and developer services.

The analyst projects that USDC circulation will grow at a 31% compound annual growth rate through 2030. Circle's acquisition of IBM's blockchain patent portfolio, which includes over 680 patent families, has also contributed to the company's narrative shift towards payments, treasury solutions, tokenized assets, and cross-chain interoperability.