Circle Internet Group (CRCL) PT Lowered to $185 at Baird

Baird analyst David Konig lowered the price target on Circle Internet Group (NYSE: CRCL) to $185.00 (from $210.00) while maintaining a Neutral rating.

The analyst commented: 'Our new $185 price target reflects 67X our 2027E non-GAAP EPS of $2.72.Comps analysis – We use 68X multiple, a mild premium to our TOST/PAY price targets of ~44-52X our 2027E GAAP EPS, which are the two fastest-growth companies within our coverage list. We think a mild premium makes sense as underlying growth driver is USDC outstanding, and they expect 40% CAGR growth through a cycle, which is faster than the ~25% growth from TOST/PAY, they have a broader set of potential investors (different sectors of institutional investors/retail investors), offset mildly by more potential for volatility around outstanding USDC, rate impacts, and sentiment impacts."

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