Mizuho Securities has downgraded Circle's rating to "Underperform", with a target stock price lowered to $70.

According to Deep Tide TechFlow news on November 15, The Block reported that Mizuho Securities downgraded Circle Internet Group (stock code CRCL) from “Neutral” to “Underperform,” and lowered the target price from $84 to $70.

Analysts point out that although Circle had strong performance in the third quarter, its robust revenue mainly relies on interest income, and the profit outlook may come under pressure in the future due to a rate cut environment and intensified competition among stablecoins.

Additionally, Mizuho particularly reminds: ① The approaching expiration period for enterprises may bring selling pressure; ② New stablecoin competitors entering the market may weaken USDC's market share; ③ If interest rates decline, Circle's revenue model will face challenges.