Mizuho Maintains Circle Underperform Rating, Lowers Target Price to $43

Mizuho Securities has maintained its underperform rating on Circle (CRCL), setting a target price of $43, approximately 48.1% lower than the current stock price of $82.87. Mizuho warns that AI assistants may lead users to alternative products with higher yields and insurance coverage, weakening USDC's competitiveness. This is expected to exert pressure on USDC's market capitalization, potentially causing a decline of $4 billion to $9 billion, and reducing Circle's reserve income by 10% to 20%. The firm has also lowered its EBITDA forecast for Circle in 2027 by about 5%.

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