Stablecoin issuer Circle rises after JPM upgrades to 'overweight'

** Stablecoin issuer Circle Internet Group's CRCL shares rise 1.8% to $87.88 premarket

** J.P. Morgan upgrades CRCL to "overweight" from "underweight" on better fundamentals; raises PT to $100 from $94, a 15.9% upside to stock's last close

** CRCL reported solid Q3 results that indicated stablecoins are continuing to make way into mainstream financial services, brokerage says

** Stock closed down 12.2% on Wednesday after Q3 results

** "A key unknown for us remains whether stablecoins will be a winner-take-most-market — an answer here will be important in gauging future gross margins for Circle" - JPM

** Brokerage sees enough upside in CRCL shares to outperform its broader coverage universe despite stock being pressured in recent weeks as lockup period beckons

** As of last close, CRCL stock has more than doubled since debut in June