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Mizuho Securities rates Circle (CRCL) "underperform," targeting $85 vs. current $205, citing overestimated USDC growth. Risks: lower rates, stagnant circulation, high costs. USDC's $62B market cap trails only Tether. Mizuho doubts Circle's $4.5B 2027 revenue goal, sees 25%–30% overestimate. New regulations like GENIUS may heighten competition, despite Circle's banking license push. Bernstein disagrees, bullish at $230, calling it the "internet dollar network" for next decade.
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