大行评级丨瑞穗：下调Circle目标价至70美元重申“跑输大盘”评级_老虎社区_美港股上老虎

大行评级丨瑞穗：下调Circle目标价至70美元重申“跑输大盘”评级

中金财经11-17

瑞穗指出，稳定币发行商Circle的大部分收入来自USDC储备所产生的利息，而这些储备主要投资于短期美国国债、国债回购协议及现金。因此，如果利率下降或USDC增长不如预期，公司收入可能受影响。随着利率走低、USDC稳定币推广不及预期，以及发行成本上升，未来数年Circle的市场共识预期很可能下调。瑞穗重申对Circle的“跑输大盘”评级，并将其目标价从84美元下调至70美元。

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芒格格格哒
·11-17
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href=http://sc.stock.cnfol.com/gushizhibo/20251117/31800766.shtml><strong>中金财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>瑞穗指出，稳定币发行商Circle的大部分收入来自USDC储备所产生的利息，而这些储备主要投资于短期美国国债、国债回购协议及现金。因此，如果利率下降或USDC增长不如预期，公司收入可能受影响。随着利率走低、USDC稳定币推广不及预期，以及发行成本上升，未来数年Circle的市场共识预期很可能下调。瑞穗重申对Circle的“跑输大盘”评级，并将其目标价从84美元下调至70美元。</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushizhibo/20251117/31800766.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861217088.USD":"贝莱德金融科技A2","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","CRCL":"Circle Internet 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