JPMorgan has initiated coverage of Circle Internet Group (ticker: CRCL) with an Underweight rating and set a price target of $80 by December 2026, implying a potential downside of approximately 60% from current levels. Analyst Kenneth Worthington highlighted concerns over rising competition and the impact of central bank digital currencies (CBDCs) on Circle's growth prospects. Despite Circle's strong position in the stablecoin market and a stock surge of nearly 490% since its IPO, JPMorgan views the current valuation as outside its comfort zone. Other financial institutions have also initiated coverage with varying outlooks: Goldman Sachs assigned a Neutral rating with an $83 price target, Bernstein gave an Outperform rating with a $230 target, Barclays initiated coverage with an Overweight rating and a $215 price target, and Needham started coverage with a Buy rating and a $250 target. Analysts generally recognize Circle as a unique pure-play crypto-native company poised to benefit from the expanding stablecoin sector, particularly through its USDC stablecoin, which is expected to experience substantial growth. However, some caution that valuation levels are lofty amid the ongoing stablecoin boom.