Citigroup Lowers Price Targets for Some Crypto Stocks, But Remains Bullish on the Crypto Industry

BlockBeats News, December 20th, according to CoinDesk, Wall Street bank Citigroup updated its digital asset stock report, lowering the target stock price of some crypto stocks due to the recent widespread decline in the crypto market, but still remains optimistic about this sector. Analyst Peter Christiansen and his team stated in their Friday report: "Despite the recent token volatility, we remain bullish on digital asset stocks." The issuer of the stablecoin USDC, Circle Financial (CRCL), remains Citigroup's top pick, with the team reiterating its $243 target price, even though the stock has recently plummeted to the current price of $83.60.

Christiansen's next picks are Bullish (BLSH) and Coinbase (COIN). He said: "We believe BLSH is well positioned to benefit from increased institutional investor (especially in the U.S.) and traditional finance (TradFi) participation." The target price for BLSH has been lowered from $77 to $67, but there is still significant upside potential compared to the current $44. The target price for COIN is maintained at $505, with the current stock price at $242. MicroStrategy (MSTR), rated as "buy," has also seen its target price lowered from the previous $485 to $325 after a recent drop to around $160, still implying about 100% upside potential.