Circle Stock (CRCL) Shoots Up over 60% in 5 Days as Mizuho Analysts Increase Price Forecast

Circle (CRCL) is finding a strange way to win during a global crisis. On March 4, TipRanks data shows that Circle stock has jumped over 60% over the past five days. This rally happened right after U.S. and Israeli airstrikes on Iran caused oil prices to spike. While war usually hurts stocks, it is actually helping Circle because of how the company makes its money. Experts at the bank Mizuho (MFG) have noticed this trend and officially raised their price target for the company.

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Higher Oil Prices Help the Bottom Line

The connection between oil and a digital money company might seem confusing at first. When oil prices go up, it usually leads to higher inflation. To fight inflation, the Federal Reserve has to keep interest rates high instead of cutting them.

Mizuho’s team, led by Dan Dolev, stated that “higher-for-longer” rates are a major boost for Circle. The company makes most of its money from the interest it earns on the U.S. government debt that backs its USDC stablecoin. If interest rates stay high, Circle gets a bigger paycheck every month. This shift in the economy led Mizuho to increase its Circle price forecast, raising the price target from $90 to $100 per share.

Circle Stock Recovers from a Tough Year

The 60% gain is a breath of fresh air for investors who have had a bumpy ride. Before this rally, the stock had dropped 80% from its all-time highs.

Last week, the stock also saw a massive jump after a “short squeeze,” where people betting against the company were forced to buy shares back. Between the recent earnings report and the new geopolitical situation, Circle has become one of the top performers in the tech sector this month.

Is Circle Stock a Good Buy?

Circle stock (CRCL) has a consensus Moderate Buy rating among 17 Wall Street analysts. This rating is based on nine Buy, seven Hold, and one Sell recommendation issued in the last three months. The average 12-month CRCL price target of $114.80 implies 15.23% upside from current levels.

See more CRCL analyst ratings

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