Mizuho Securities increased its price target for Circle Internet Group (CRCL) to $120. This represents a raise from the previous $100 target. The firm maintained its Neutral rating on the stock.
Circle’s USDC stablecoin surpassed USDT in volume share for the first time since 2018. Mizuho cited positive trends and expanding use cases as primary drivers for the improved outlook.
Chief Commercial Officer Kash Razzaghi emphasized a strategic focus on utility and payments over speculation. Mizuho subsequently raised its 2027 estimate for meaningful wallets to 11.7 million.
The firm also increased its 2027 USDC market cap projection to $139 million. These revisions led to a higher adjusted EBITDA estimate for the company.