Citizens rates Circle as 'Neutral'…"Stock already priced in"

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Summary

Citizens said it issued a neutral investment rating on Circle (CRCL).
The report said the stablecoin market is expected to grow, but Circle's current stock price already reflects much of those expectations.
It added that Circle's EBITDA multiple is high, making the premium excessive.

U.S. bank Citizens gave a 'neutral (Market Perform)' investment rating on stablecoin issuer Circle (CRCL). While expansion of the stablecoin market and an improved regulatory environment could act as growth opportunities, Citizens said the current stock price already reflects a substantial part of that. According to CoinDesk on the 30th (local time), Citizens said in a report that the stablecoin market could grow from about $300 billion to $3 trillion by 2030. However, Circle's stock price, at around $133, corresponds to enterprise value-to-EBITDA multiples of 39x and 23x for the 2026 and 2027 estimates, respectively, which it said represents an excessive premium. Citizens analyst Devin Ryan said, "Stablecoins are at an industry inflection point, and Circle's regulatory-friendly strategy is becoming a competitive defensive barrier." He added, "However, without additional acceleration in adoption or progress in monetization, the current stock price already reflects a substantial part of growth expectations."

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