Citigroup: Circle's valuation is reasonable, initiating coverage with a buy rating

Financial giant Citi stated that Circle's valuation is reasonable and gave it an initial buy rating. Citi set a stock target price for Circle of $243, an increase of approximately 34% from last night's closing price of slightly above $181. Citi's report stated that Circle benefits from "scarce value, a 'winner-takes-all' philosophy, huge potential opportunities, legislative momentum," and "huge operational leverage potential." [Odaily星球日报]