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Circle Internet Group (NYSE: CRCL), the crypto firm popular for its USDC stablecoin, reported Q4 2025 earnings on Feb. 25.
The firm reported earnings per share (EPS) of $0.43, beating Wall Street estimates of $0.35 by 22.86%. The quarterly revenue stood at $770 million, slightly above the estimated $745 million. USDC on-chain transaction volume in Q4 stood at $11.9 trillion, up 247%.
As per DeFiLlama, the USDC market cap stands at $75 billion and accounts for 24% of the total stablecoin market cap. Tether's USDT continues to maintain its dominant position with around 60% market share.
Following the earnings release, several leading analysts shared fresh stock assessments on Circle Internet Group.
William Blair reiterates Outperform rating
William Blair reiterated an Outperform rating on Circle and encouraged long-term investors to build positions in the company.
The investment bank admitted that stablecoin adoption outside the crypto ecosystem is still in the early stages but is convinced USDC will occupy a significant share of a roughly $20 trillion cross-border B2B market.
The bank highlighted the USDC stablecoin’s 100% fiat backing, compliance, and network effects from Circle’s first-to-market infrastructure as supporting factors.
Needham slashes stock price target
Needham cut the price target on Circle from $190 to $130 and maintained a Buy rating.
The investment bank said lower forecasted interest rates and crypto price declines potentially impacting USDC supply growth compelled it to lower the price target on the CRCL stock.
Needham said it sees Circle operating in two major verticals.
H.C. Wainwright reiterates Neutral rating
H.C. Wainwright reiterated a Neutral rating on Circle. The 158-year-old investment bank offered a price target of $85 on the crypto firm.
The bank attributed Circle's robust revenue growth to network effects, with USDC now supported on 30 blockchain networks, regulatory tailwinds from the GENIUS Act, and growing use cases of stablecoins.
Once the USDC market cap soars and there is greater clarity around the Federal Reserve’s rate path in 2026, H.C. Wainwright said it could get more constructive on Circle.
Morgan Stanley hikes stock price target
Following the release of Circle's earnings report, Morgan Stanley raised the price target on the stock from $66 to $80, a surge of more than 21%.
As per the report, the 91-year-old bank continued to maintain an Equalweight rating on the Circle stock.
Morgan Stanley raised its net margin assumptions in 2027 and 2028 by 1.3% and 2.85%, as it expects lower operating expenses than previously modeled.
The investment bank kept its price-to-earnings (P/E) multiple at 25x, which means investors would be willing to pay $25 for every $1 of profit.
It applied the 25 times P/E ratio to its updated calendar year 2028 GAAP diluted earnings per share (EPS) estimate of $3.28, up from the previous estimate of $2.63.
Circle stock closes 35% higher on earnings beat
Following the release of the earnings report, the Circle stock closed 35% higher at $83.14 on Feb. 25.
The CRCL stock was trading more than 4% higher at $86.66 at the time of writing.
This article has been published in TheStreet via Yahoo News.
158-year-old bank 'neutral' on Circle despite earnings beat
Circle Internet Group (NYSE: CRCL), the crypto firm popular for its USDC stablecoin, reported Q4 2025 earnings on Feb. 25. The firm reported earnings per share (EPS) of $0.43, beating Wall Street estimates of $0.35 by 22.86%. The quarterly revenue stood at $770 million, slightly ...
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