Circle收入或受影响 目标价下调至70美元

Group 1 - The core viewpoint of the article is that Mizuho has downgraded Circle's target price due to concerns over interest rates and market risks [1] - Circle's majority of revenue comes from interest on USDC reserves, which are primarily invested in short-term U.S. Treasury bonds, repurchase agreements, and cash [1] - A decline in interest rates or underperformance in USDC growth could negatively impact the company's revenue [1] Group 2 - Mizuho has reiterated a "underperform" rating for Circle and lowered the target price from $84 to $70 [1] - The market consensus for Circle is expected to be adjusted downward in the coming years due to lower interest rates, poor USDC promotion, and rising issuance costs [1]