Compass Point upgrades Circle to Neutral from Sell, target $60

Compass Point's Ed Engel raised Circle to Neutral from Sell and set a $60 price target, down from $75. He argued that CRCL trades more like a proxy for crypto markets than a standalone fintech, since USDC has tracked ether closely. The stock still fell 7.3% to $67.55 in regular trading that day.

• Rating moved to Neutral from Sell; price target cut to $60 from $75
• Stock fell 7.3% to $67.55 in regular trading on the day of the upgrade
• Analyst cited a 0.66 correlation between USDC supply moves and ether since October
• USDC supply was down 9% since December, per the note