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Japanese Financial Giant Downgrades Circle to Underperform, Cuts Price Target From $85 to $50 Japanese investment bank Mizuho downgraded Ci…

Japanese Financial Giant Downgrades Circle to Underperform, Cuts Price Target From $85 to $50 Japanese investment bank Mizuho downgraded Circle from Neutral to Underperform and cut its price target from $85 to $50. The bank said OpenUSD’s model of distributing most reserve income to issuers and distribution partners could force Circle to share more revenue with partners, putting pressure on its margins. As a result, Mizuho raised its forecast for Circle’s 2027 distribution and transaction expense ratio from 64% to 73%, and lowered its adjusted EBITDA forecast from $1.09 billion to $699 million.
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