Citi downgrades some crypto stock price targets, but remains bullish on the sector

Wall Street bank Citigroup has updated its digital asset stock report, lowering the price target of some crypto stocks, following the recent general decline in the crypto market, but remains bullish on the sector. "Despite the recent increase in token volatility, we remain bullish on digital asset stocks," analyst Peter Christiansen and his team said in a report on Friday. Circle Financial (CRCL), the issuer of the stablecoin USDC, remains Citi's preferred stock, and the team reiterated its price target of $243, even though the stock has recently fallen sharply to its current price of $83.60.
Christiansen's next picks are Bullish (BLSH) and Coinbase (COIN). "We think BLSH is well positioned to benefit from increased participation from institutional investors, especially in the US, and traditional financials (TradFi)," he said. BLSH's price target has been lowered from $77 to $67, but there is still considerable upside from the current $44. COIN's price target remains at $505, and the current stock price is $242. MicroStrategy (MSTR), which is rated a "buy", has also lowered its price target to $325 from $485 after recently falling to around $160, but still suggests about 100% upside potential.