Wall Street analysts bullish on Circle after blockbuster IPO, but warn on sky-high valuation

Wall Street brokerages began coverage of stablecoin issuer Circle Internet Group on Monday with broadly bullish ratings, though some analysts voiced concerns about its elevated valuation after the stock more than doubled since its market debut.

The New York-based company’s shares were down nearly 3% in premarket trading.

Circle debuted this month at $69 per share in the first major IPO by a stablecoin issuer. The blockbuster flotation represents the biggest crypto listing since Coinbase’s 2021 debut. The company had priced its IPO at $31 per share.