Mizuho bearish on Circle's stock, says market overstates USDC's medium-term growth outlook
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最新报道：Mizuho Securities initiated coverage on Circle Internet Group's stock (CRCL) with an "underperform" rating and an $85 price target, citing overvaluation risks despite its post-IPO surge to over $200. Analyst Dan Dolev highlighted concerns over potential interest rate cuts, stagnant USDC circulation at $62B since April, and rising distribution costs eroding margins from 61% (2023) to 39% (2025). The firm projects Circle's 2027 revenue forecast of $4.5B may be 25-30% overstated, while regulatory changes like the GENIUS Act could intensify competition for dollar-pegged stablecoins. Notably, Coinbase now holds 22% of USDC supply, up from 8% in 2023, by offering yield incentives. Circle has applied for a U.S. banking license to custody its reserves, contrasting with Bernstein's bullish $230 target calling it the "internet dollar network."
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