Circle Internet Group (CRCL) is trading down 2.41% in pre-market following Morgan Stanley's initiation of coverage, which assigned an Equalweight rating and a $66 price target.
- Morgan Stanley cited U.S. rate headwinds affecting interest revenue and the slow adoption of Circle's internet financial system vision as key concerns.
- The decline, which brings the stock to $62.39, is also influenced by broader crypto market weakness and general risk-off sentiment, as there was no major company-specific news.