H.C. Wainwright upgraded Circle Internet Group (CRCL) to Buy from Neutral. The firm raised its price target for the stock to $150 from $85.
The upgrade follows the successful ARC token presale for Circle’s new Layer 1 blockchain, Arc. Circle initially announced the network during its May 11 earnings call.
Analysts describe the Arc network as a thesis-changing opportunity for shareholders. The firm views the initial $3 billion fully diluted network value as undervalued.
The blockchain is designed for stablecoin payments and asset tokenization. Potential regulatory clarity and new product launches are expected to accelerate infrastructure adoption.