Overview

• Circle’s NYSE shares have climbed over 85% since its June IPO to trade near $202, sharply outpacing the S&P 500’s 6% gain.
• Mizuho initiated coverage with an Underperform rating and an $85 target, warning that consensus FY27 revenue estimates of $4.5 billion neglect looming rate cuts.
• Analysts caution that distribution costs exceeding $1 billion last year, primarily paid to Coinbase, could squeeze Circle’s reserve-income margins.
• The Senate’s GENIUS Act has bolstered stablecoin credibility and paved the way for increased competition under new regulatory guardrails.
• Wall Street remains divided, with Bloomberg tracking eight Buy, six Hold and three Sell ratings and price targets spanning $80 to $250.