Shigeo securities downgraded the Circle rating to a big drive, down to the target price of $50

According to Bloomberg, Seo-ho Securities Analyst Dan Dolev has lowered the Circle rating from neutral to a big drive, lowering the target price to $50, below the analyst ' s average target price of $123. Dan Dolev argued that there was a risk of increased competition for stable currency in the Circe, and that new projects such as OUSD could exacerbate the price- and profit-rate pressure on Circe. He projected that EBITA would be $699 million after the 2027 adjustment, which was lower than the market-consistent projection of $907 million. In addition, the USDC distribution agreement between Circle and Coinbase will be renegotiated in August。