Circle faces 'medium-term' risks from slow USDC growth, rising distribution costs: Mizuho
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最新报道：Circle's stock (CRCL) dropped over 6% despite reporting strong quarterly results, including 90% YoY growth in USDC circulation to $61.3B and 53% revenue increase to $658M. Mizuho analysts cite three concerns: widening gap between USDC's growth (6% QTD) and its 40% CAGR target, rising distribution costs consuming 64% of reserves in Q2, and intensifying competition from Tether and new entrants under the GENIUS Act. Lower CPI data also pressures Circle's interest-dependent model, prompting Mizuho to set an $84 price target based on 23x EBITDA multiples, while Bernstein maintains a bullish $230 outlook. Shares currently trade at $153.16 with a $41.1B market cap.
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