Mizuho gives Circle stock a "underperforming" rating, questioning USDC's medium-term growth expectations
2025-07-08 21:57:46
Mizuho Securities of Japan has for the first time covered Circle (CRCL) stock with a "underperforming" rating, with a target price of $85, which is a significant downside from the current stock price of about $205. Mizuho analysts believe that the market has overestimated the medium-term growth potential of USDC, the main risks include interest rate cuts, stagnant USDC liquidity and high distribution costs. Circle's USDC market capitalization is about $62 billion, ranking second in the world after Tether. Mizuho pointed out that Circle expects revenue in 2027 to 4.50 billion the target or overvalued by 25% -30%. Although Circle applies for a banking license and enhances compliance transparency, new regulations such as the GENIUS Act may increase competition. Bernstein, on the other hand, is optimistic, with a target price of $230, bullish on its potential as an "internet dollar network" over the next decade.
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