Morgan Stanley downgraded Circle from Equal Weight to Underweight and cut its price target to $38 from $106, citing slowing USDC growth, intensifying competition and delays in developing transaction-based revenue. The firm reduced its forecasts for USDC circulation by about 33% for 2027 and 44% for 2028, with 2028 earnings estimates roughly 20% below consensus. Meanwhile, TD Cowen initiated coverage with a Buy rating and an $82 target, expecting USDC circulation to grow at a compound annual rate of roughly 31% through 2030. Circle’s stock trades roughly 67% below its post-IPO high, highlighting the stark contrast between bearish and bullish analyst views on the stablecoin issuer.
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