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Investing.com -- Circle Internet Group (NYSE: CRCL) stock rose 2% Friday, bucking the broader downtrend in the Nasdaq and Bitcoin, after Baird analyst David Konig upgraded the company to Outperform from Neutral.
Konig set a price target of $110.00 for Circle, representing significant upside from Thursday’s closing price of $82.34. The upgrade comes despite Circle’s shares having underperformed the S&P 500 by 63% since June 30, 2025, with CRCL falling 55% while the S&P gained 9%.
The analyst cited several positive factors supporting the upgrade, including strong growth in USDC stablecoin circulation, which increased 92% YoY in the third quarter following 86% growth in the second quarter. Circle has also seen a sequential doubling of on-Circle USDC, where the company retains 100% of reserve income.
Additional growth metrics highlighted in the upgrade include wallet growth acceleration of 77% YoY and strong interest in the company’s Arc/CPN testing, with CPN having onboarded approximately 100 partners and over 500 more in the pipeline.
Konig described Circle’s valuation as "reasonable" at approximately 50 times 2026 estimated earnings, given the company’s strong growth trajectory in key business segments.
The upgrade comes shortly after Circle’s lock-up expiration on November 13, which had been weighing on the stock along with concerns about falling rates and rising distribution costs.