Mizuho Securities upgrades CRCL rating to Neutral, stating that the popularity of Polymarket will benefit Circle

Mizuho Securities has reversed its stance on Circle, upgrading the rating of CRCL stock to "Neutral" and raising its target price to $77. It stated on Wednesday that the growing popularity of the market platform Polymarket could drive the company's stock price up.

Analysts Dan Dolev and Alexander Jenkins said, "All bets on Polymarket are settled in USDC, which means that the growth of Polymarket will directly drive the growth of USDC. We expect the growth momentum of the prediction market to continue through 2026, which will translate into an increase in the market capitalization of USDC, bringing incremental revenue to Circle."