Mizuho Securities maintained its "underperform" rating on Circle stock and lowered its target price to $70.

Odaily reports that Mizuho Securities maintained its "underperform" rating on Circle stock, with analysts lowering their base price target from $84 to $70. Circle stock (ticker symbol CRCL) traded at around $82 on Friday, down nearly 40% over the past month.

"We believe the company's valuation fails to adequately reflect the key risks to its medium-term earnings," Mizuho Securities analysts stated in a research report. The analysts also noted potential risks including "an upcoming interest rate cuts, relatively stagnant economic growth, high (and rising) circulation costs, and increasingly fierce competition among stablecoins."