TD Cowen reiterated its Buy rating for Circle Internet Group (CRCL). Analyst Bryan Bergin raised the price target to $92. The previous price target was $87. Bergin cited improving reserve economics and expanding blockchain infrastructure as primary growth drivers. The upgrade occurred despite a failed U.S. Senate digital asset bill.
CRCL shares rose significantly on September 17. Bitcoin climbed above $71,000 during the session. This sector-wide rally provided a tailwind that compounded the impact of the analyst upgrade.