By Rashika Singh and Siddarth S (Reuters) -Wall Street brokerages began coverage of stablecoin issuer Circle Internet Group on Monday with broadly bullish ratings, though some analysts voiced concerns about its elevated valuation after the stock more than doubled since its market debut.

Circle Internet Group stock hasn’t behaved normally since the June 5 initial public offering. As of Friday’s close, shares of the stablecoin issuer have risen more than 450% to $180.43 from their IPO price of $31.