Circle analysts split as Morgan Stanley cuts target to $38 while TD Cowen sees $82 upside

CRCL Price Targets Range From $38 to $82: What Is Happening? - Circle Internet Group (NYSE:CRCL)

Morgan Stanley cut CRCL to $38 on 33-44% USDC supply cuts and only 0.5% real payment volumes; TD Cowen targets $82 on platform diversification into RWA and Arc. Divergence reflects whether Circle's reserve-income model survives without organic payment balances or pivots to tokenization infrastructure.