JPMorgan Chase has downgraded Circle (CRCL) to an underweight rating, forecasting a significant decline in its stock price to $80 by December 2026. This projection represents a 55% decrease from the current price of $180. Analyst Kenneth Worthington highlighted that the target price is based on 45 times the expected 2027 earnings per share, with an additional $10 premium for potential upside. Despite Circle's strong position in the stablecoin market, its current valuation is considered excessively high, with the projected target implying a market capitalization of approximately $21 billion.