JPMorgan is growing more bullish on Circle and stablecoins in general. The bank double upgraded the stablecoin issuer to overweight from underweight. Analyst Kenneth Worthington also lifted his price target to $100 from $94, implying upside of 16% from here. Shares of Circle have soared 178% since their IPO price of $31. The stock debuted on the New York Stock Exchange in June . However, Circle has plunged 67% from its June highs, opening a buying opportunity, Worthington wrote. CRCL YTD mountain CRCL YTD chart “With Circle’s share price under pressure in recent weeks in advance of a substantial lockup expiration, Circle’s stock price has approached and fallen below our previous Dec. 2026 price target ($94),” he wrote. “With enough upside in the shares for the stock to outperform our broader coverage universe and with key fundamentals improving, we raise our earnings estimates.” Worthington’s upgrade follows Circle’s “solid” third-quarter report, in which the company posted earnings and revenue that beat the Street. Still, the company fell 12% on Wednesday as operating expenses guidance for the year came in higher than expected as well. “The quarterly results indicate to us that stablecoins are continuing to make their way into mainstream financial services, with USDC a leading stablecoin and Circle a leading partner,” he wrote. “We also see that Circle is bringing more USDC on-platform, which will enable Circle to continue to boost growth while allowing it to more heavily invest in the buildout of its network.” Circle shares rose more than 1% following the double upgrade.
