Circle Internet Corp. (CRCL) shares plummeted 5.07% in early trading on Thursday, following a slew of analyst price target reductions that dampened investor sentiment toward the crypto-focused financial technology firm.
A wave of Wall Street analysts lowered their price targets on Circle Internet Group, Inc. Class A (CRCL) ahead of the opening bell. Morgan Stanley cut its target to $37.00 from $38.00, while Deutsche Bank adjusted its target to $58.00 from $60.00 and maintained a Hold rating. H.C. Wainwright reduced its target to $104.00 from $115.00, Needham trimmed to $127.00 from $150.00, and JP Morgan lowered its target to $105.00 from $120.00. Other firms including Wells Fargo, Canaccord Genuity, and Clear Street also issued target cuts, collectively signaling a more cautious outlook on the stock.
The downward revisions come shortly after Circle reported mixed second-quarter results, with revenue falling short of forecasts while earnings matched estimates. The company highlighted strong growth in USDC circulation and on-chain transaction volume, but the negative analyst sentiment and margin pressures appear to have weighed heavily on the stock's performance in the session.
Comments