Circle因摩根士丹利下调评级盘前下跌，同时TD Cowen给予买入评级

Circle Internet Group (CRCL) stock slumped 6.3% in Monday premarket trading after Morgan Stanley downgraded the stock to Underweight from Equalweight, citing declining USDC (USDC-USD) balances, pointing to a shift toward lower-margin transaction revenue rather than the higher-margin reserve income.
Meanwhile, TD Cowen started coverage of the stablecoin issuer with a Buy rating, saying the Street is underestimating Circle's (CRCL) "evolution into a platform player."
Morgan Stanley analyst James Faucette reasons that stablecoin utility may be more limited than the stock's multiple implies amid intensifying competition.
"USDC has effectively not grown since 3Q25, and utility beyond remittances and stablecoin-linked card spending has yet to gain meaningful traction," the analyst wrote in a note to clients. "Given the high incremental margins on reserve income, our lower balance assumptions drive our GAAP diluted EPS estimates to ~3% below Street in ’27 and ~20% below in ’28, even after incorporating higher reserve-yield assumptions based on the forward curve and, in ’26, Arc token presales that consensus does not appear to include."
TD Cowen analyst Bryan C. Bergin takes the other side of the argument. "We believe Circle is steadily evolving into a broader financial infrastructure platform spanning payments, treasury, tokenized RWA, interoperability, and developer services," he wrote in a note to clients. "We see a compelling combination of attractive growth & diversification, estimating USDC circulation rising at a ~31% CAGR through 2030, and expect fee-based revenue to compound substantially faster, alongside optionality from infrastructure assets such as Arc."
The SA Quant system, with a Sell rating on Circle, sides with Morgan Stanley, while the average SA Analyst rating and average Wall Street rating agree with TD Cowen's Buy thesis.