Citigroup, the Wall Street bank, has updated its coverage on digital-assets stocks to account for recent widespread declines in the crypto market, yet maintains a positive outlook on the sector.
“Despite the recent volatility in tokens, we remain optimistic about digital assets stocks,” wrote analysts headed by Peter Christiansen in a report released on Friday.
Circle Financial (CRCL), the issuer of the USDC stablecoin, continues to be Citi’s top choice, with the team affirming its $243 price target despite the significant recent decline to the current price of $83.60.
Christiansen’s subsequent favorites include Bullish (BLSH) and Coinbase (COIN). “We believe BLSH is positioned well to benefit from the growing institutional interest (particularly in the U.S.) and traditional finance adoption,” he noted. The price target for BLSH was adjusted down to $67 from $77, still providing considerable upside from its current value of $44. Meanwhile, COIN’s price target remains at $505 compared to its current $242.
Buy-rated MicroStrategy (MSTR) also saw its price target reduced following its recent drop to around $160. The updated target is now $325, down from $485, still indicating approximately a 100% upside.
The bank is also favorable towards bitcoin miner Riot Platforms (RIOT), although its price target has been lowered to $23 from $28. Riot was recently trading around $14.
Additionally, the price target for the neutral-rated Gemini (GEMI) has been cut to $13 from $16, due to what the bank describes as “increasing competitive pressures.” Shares were trading at around $11 as of Friday morning.
Read more: Bitcoin Weakness Sends a Warning to Stocks, but Liquidity May Soon Turn, Citi Says
