TechFlow, November 15 — According to The Block, Mizuho Securities downgraded Circle Internet Group (ticker: CRCL) from "Neutral" to "Underperform" and lowered its price target from $84 to $70.
The analyst noted that although Circle delivered strong performance in Q3, its revenue growth was primarily driven by interest income. Profitability may face pressure amid future interest rate cuts and intensifying stablecoin competition.
In addition, Mizuho specifically highlighted: ① upcoming corporate unlock periods could bring selling pressure; ② new stablecoin entrants may erode USDC's market share; ③ Circle's earnings model could face challenges if interest rates decline.
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