Circle's stock closed at worst level since its first day of trade. Now the stablecoin issuer gets a double upgrade from JPMorgan
By Steve GoldsteinMost other analysts will be moving their price targets in the opposite direction(L-R) Jeremy Allaire, chief executive of Circle Internet Financial Ltd., and World Bank President Ajay Banga speak during "The Future of Finance" seminar in Washington, D.C., on Oct. 14, 2025.After closing at its lowest level since its first day of trade, Circle Internet Group Inc. saw a double upgrade from JPMorgan.Despite the 12% share-price slide after third-quarter results, analysts led by Kenneth Worthington called the results "solid" with key metrics exceeding expectations.The analysts nudged their Circle (CRCL) price target to $100 from $94, above Tuesday's close of $86.30.Most other analysts will be moving their price targets in the opposite direction. According to FactSet, the average target is $158.24."The quarterly results indicate to us that stablecoins are continuing to make their way into mainstream financial services, with USDC a leading stablecoin and Circle a leading partner," the JPMorgan analysts said while upgrading the stock to overweight from underweight.The analysts did concede that USDC's (USDCUSD) market share is flattening out as Tether (USDTUSD) is growing and Circle is investing heavily in its network."A key unknown for us remains whether stablecoins will be a winner-take-most-market - an answer here will be important in gauging future gross margins for Circle," they said.-Steve GoldsteinThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.