Citi is still a believer in crypto stocks despite bitcoin being rocked to end the year

AI Summary3 min read

TL;DR

Citigroup has lowered price targets for several crypto-related stocks due to recent market declines but remains bullish on the sector. Circle (CRCL) remains their top pick, with analysts maintaining positive outlooks on Bullish (BLSH) and Coinbase (COIN). The bank's base case predicts bitcoin rising to $143,000 in 12 months.

Key Takeaways

•Citigroup trimmed price targets for crypto stocks like Bullish, Gemini, and Strategy but remains positive on the digital assets sector overall.
•Circle Financial (CRCL) is Citi's top pick with a maintained $243 price target despite the stock's recent drop to $83.60.
•Analysts see Bullish (BLSH) benefiting from rising institutional participation and maintain bullish outlooks on Coinbase (COIN) and bitcoin miner Riot Platforms (RIOT).
•Citi's base case for bitcoin is $143,000 in 12 months, with $70,000 as key support and potential for sharp rises due to ETF demand.
•The bank acknowledges bear and bull scenarios for bitcoin ranging from $78,500 in a recession to $189,000 with increased investor demand.

Wall street signs, traffic light, New York City — Bullish, Gemini and Strategy get price target cuts at Citi; bank remains positive on sector. (Unsplash, modified by CoinDesk)

What to know:

Citigroup trimmed crypto stock-related price targets to reflect sharp declines in the sector this quarter, but remains bullish.
Stablecoin issuer Circle (CRCL) remains the analyst team's top pick.

Citigroup trimmed crypto stock-related price targets to reflect sharp declines in the sector this quarter, but remains bullish.
Stablecoin issuer Circle (CRCL) remains the analyst team's top pick.

Wall Street bank Citigroup refreshed its digital-assets stock coverage to reflect recent across-the-board declines in crypto, but remains constructive on the sector.

"Despite recent token volatility, we remain bullish on digital assets stocks," wrote analysts led by Peter Christiansen, in a Friday report.

Issuer of the USDC stablecoin, Circle Financial (CRCL) remains Citi's top pick, with the team reiterating its $243 price target even after the stock's large recent drop to the current $83.60.

Christiansen's next top picks were Bullish (BLSH) and Coinbase (COIN). "We see BLSH in the sweet spot benefiting from rising institutional (particularly in the U.S.) and TradFi participation," he wrote. BLSH's price target was cut to $67 from $77, still sizable upside from the current $44. COIN's price target was held at $505 versus its current $242.

Buy-rated Strategy (MSTR) also received a price target cut following its recent plunge to the $160 area. The new price objective of $325 from $485 previously still suggests about a 100% upside.

The bank also remains positive on bitcoin miner Riot Platforms (RIOT), though cutting its price target to $23 from $28. Riot was recently changing hands at $14.

The team in addition cut its price objective for neutral-rated Gemini (GEMI) to $13 from $16, citing "increasing competitive challenges." Shares were trading at about $11 on Friday morning.

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Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.

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