Circle Internet stock dips after Mizuho cuts to Sell-equivalent on Open USD competition
Seeking Alpha ·
Circle Internet Group ( CRCL ) was trading lower after Mizuho Securities downgraded the stock to Underperform from Neutral on Open USD stablecoin competition. Shares dropped 3.68% to $60.68 after the market opened on Tuesday. Price target was reduced to $50.00 from $85.00.
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Mizuho Securities downgraded Circle Internet Group from Neutral to Underperform, causing the stock to fall 3.68% to $60.68. The price target was also slashed from $85 to $50. This action follows concerns that intensifying competition with the Open USD stablecoin will negatively impact the company's valuation.
하락 영향
- Fintech — Increased competition with Open USD in the stablecoin market is expected to erode market share and profitability. The significant price target cut reflects weakened market confidence in the company's growth potential.
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