Wolfe Research lowered its price target for Circle Internet Group (CRCL) to $40.00 from $65.00. The firm maintained its Underperform rating on the shares. This new target implies a 31% downside from the stock's previous closing price of $57.86.
Analyst Daniel Krebs cited projections of materially lower out-year profitability for the revision. The research note highlights persistent unprofitability and weak gross profit margins as primary concerns.
The downgrade follows a significant downward trend for the stock over the last six months.