Key Points
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Analysts from JPMorgan Chase predict significant declines in shares of Circle Internet Group and Tesla by the end of 2023.
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JPMorgan has set a year-end target price of $80 for Circle Internet Group (NYSE: CRCL), suggesting a 56% downside from its current price of $182.
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For Tesla (NASDAQ: TSLA), the target price is set at $115, indicating a 64% downside from its current price of $321.
Circle Internet Group shares have risen 120% since its June IPO, while Tesla shares have climbed 160% year-to-date. Despite these gains, analysts predict a decline as market conditions shift.
Circle is the issuer of USDC, the second-largest stablecoin, and anticipates significant revenue growth as the stablecoin market expands from a current value of $260 billion to possibly $500 billion by 2026. Tesla faces challenges, having lost market share and reporting a revenue decline of 12% to $22 billion in Q2 2023.
