Circle's Strong Q3 Isn't Lifting Shares — But Analysts See Big Upside Ahead

Author: Priya Nigam | November 13, 2025 11:37am

Shares of Circle Internet Group Inc. (NYSE:CRCL) remained under pressure in early trading on Wednesday, despite Tuesday’s reporting of upbeat third-quarter results.

Here are some key analyst takeaways:

• JPMorgan analyst Kenneth Worthington upgraded the rating from Underweight to Overweight, while raising the price target from $94 to $100.
• Needham analyst John Todaro reaffirmed a Buy rating, while cutting the price target from $250 to $190.
• Canaccord Genuity analyst Joseph Vafi maintained a Buy rating and price target of $247.

Check out other analyst stock ratings.

JPMorgan: Circle Internet reported "solid" results and its key metrics exceeded expectations, Worthington said in the upgrade note. The results suggest that stablecoins have continued to "make their way into mainstream financial services," he added.

Circle Internet is bringing more USDC on-platform, which could support accelerated growth while allowing the company to increase its investment in building its network, the analyst stated. The growth expectation for stablecoins is intact at a 40% CAGR (compounded annual growth rate), with the company raising its other revenue and RLDC (revenue less distribution costs) margin guidance.

Needham: Circle Internet reported revenues of $740 million and adjusted EBITDA of $166 million, beating estimates of $712 million and $142 million, respectively, Todaro said. USDC in circulation grew 108% year-on-year and hit a new high, "outpacing stablecoin market growth of 59%," he added.

Management guided to a slight contraction in reserve margins in the fourth quarter, which could continue as new partners are added, the analyst stated. "That said, we believe these partners are growth-oriented and incentivized to drive USDC adoption," he further wrote.

Canaccord Genuity: Circle Internet "continues to dominate the compliant stablecoin market with USDC showing incremental share gains in Q3," Vafi wrote. USDC in circulation grew 108% year-on-year and by approximately 21% sequentially, beating management’s medium-term outlook of around 40% growth, he added.

The company has made significant progress in building out its tech stack "to deepen and broaden the stablecoin use case beyond that of a crypto trading pair," the analyst further stated.

CRCL Price Action: Circle Internet Group shares were down 0.59% at $85.79 at the time of publication on Thursday, according to Benzinga Pro data.

Read More:

• CRCL Beaten Down To $85, But Bernstein Analysts Laud USDC’s ‘Prime Network’ Advantage

Photo by PJ McDonnell via Shutterstock

Posted In: CRCL