Bernstein maintains $190 Circle price target as $222 million ARC presale cushions rate pressure
The Block
Bernstein analysts maintained a $190 price target for Circle, citing the successful $222 million ARC token presale and resilient USDC supply growth.Summary
Bernstein has reiterated its Outperform rating for Circle Internet Group (CRCL) with a $190 price target, representing a 44% upside from recent levels. Analysts note that while Circle experienced an 11% quarterly decline in reserve income due to lower interest rates, this was offset by strong adjusted EBITDA and a successful $222 million ARC token presale.
Circle's financial outlook remains stable, with USDC supply reaching $77 billion and growing infrastructure partnerships. The firm is also preparing for the mainnet launch of its Layer 1 blockchain, Arc, which focuses on supporting AI-driven software agents through the x402 open standard for machine-to-machine payments.
(Source：The Block)