Wolfe Research Bearish on Circle Internet Group (CRCL) on Lower EBITDA Expectations
Wolfe Research has lowered its price target on Circle Internet Group (CRCL) to $40 from $65, maintaining an Underperform rating. The reduction is due to materially lower out-year profitability estimates, with the new target based on a 19x multiple of the firm's 2027 EBITDA estimate of $634 million, down from a previous estimate of $865 million. Despite the reduction, Wolfe Research notes the assigned multiple still represents a premium compared to peers.
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