Mizuho Securities rates Circle (CRCL) "underperform,"  
targeting $85 vs. current $205, citing overestimated USDC growth.  
Risks include lower rates, stagnant circulation, and high costs.  
USDC's $62B market cap ranks second globally after Tether.  
Mizuho sees Circle's 2027 $4.5B revenue target as 25%–30% too high.  
New regulations like GENIUS may heighten competition,  
despite Circle's banking license push and compliance efforts.  
Bernstein is bullish, setting a $230 target,  
calling it