Odaily News Mizuho Securities of Japan covered Circle (CRCL) stock for the first time and gave it an "underperform" rating with a target price of $85, which has a significant downside from the current share price of about $205. Mizuho analysts believe that the market overestimates the medium-term growth potential of USDC, and the main risks include interest rate cuts, stagnant USDC circulation and high distribution costs. Circle's USDC market value is about $62 billion, ranking second in the world, second only to Tether. Mizuho pointed out that Circle's expected revenue target of $4.5 billion in 2027 may be overestimated by 25%-30%. Although Circle has applied for a banking license and strengthened compliance and transparency, new regulations such as the GENIUS Act may intensify competition. Bernstein is optimistic, setting a target price of $230, and is optimistic about its potential as the "Internet dollar network" in the next decade.