Mizuho cuts price target on stablecoin issuer Circle; maintains 'underperform'
** Mizuho cuts stablecoin issuer Circle Internet Group's PT to $70 from $84, a 17.6% downside to stock's last close** Brokerage sees the company facing headwinds from slowing rates, the commodification of stablecoins, and rising distribution costs** Mizuho notes that companies that did well before their lockup expiration like CRCL often underperform the S&P 500 in the following 6 months** "We believe CRCL's FY27 consensus revenue expectations are overly optimistic, and we remain materially below," says Mizuho** As of last close, CRCL stock has risen 19.33% from opening price on debut in June