Woofun AI reports that Mizuho has downgraded Circle’s stock rating from Neutral to Underperform, simultaneously reducing its price target from $85 to $50. The bank attributes this shift to intensifying competitive pressure from OpenUSD, whose pass-through model may compel Circle to distribute a larger share of reserve income to partners, thereby squeezing profit margins. Mizuho also lowered its 2027 adjusted EBITDA forecast for Circle to $699 million, which sits approximately 25% below Wall Street consensus, while warning that the pending renewal of the Coinbase revenue-sharing agreement could exert additional downward pressure.