J.P. Morgan downgrades Circle rating: target price $80

Gate News bot message, Bloomberg reported that despite Circle's stock price rising nearly 490% after its listing, lead underwriter JPMorgan has given it a "reduce" rating. JPMorgan has set a target price of $80, a decrease of about 60% from its peak.

Morgan Stanley analyst Kenneth Worthington pointed out in a report that companies such as Fiserv, Mastercard, Amazon, and Walmart are considering issuing their own stablecoins, while Circle is facing competitive pressure in the market.

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