Bernstein cuts Circle price target to $140, maintains Outperform rating
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Bernstein cuts Circle price target to $140, maintains Outperform rating
According to The Block, Bernstein analyst Gautam Chhugani lowered Circle (CRCL)'s price target from $190 to $140, but maintained an "Outperform" rating, implying approximately 118% upside potential compared to the current stock price of $64.32. Bernstein expects Circle's Q2 performance to be essentially flat, with USDC supply decreasing from $77 billion at the end of Q1 to $73 billion. Regarding market concerns over the competitive threat from the Open USD alliance, Bernstein believes its cohesion is insufficient; Visa also stated it will maintain a multi-currency, multi-chain strategy and will not bet on a single winner. Additionally, the profit-sharing agreement between Circle and Hyperliquid is expected to transfer approximately $190 million in reserve yield annually to the latter, with the full impact to be reflected in Q3. Bernstein also lowered its end-of-2026 USDC supply forecast by 37% to $83 billion, but remains long-term bullish on Circle capturing approximately 30% share of the global stablecoin market by 2035.
Navigating Web3 tides with focused insightsTechFlow reports, July 29, according to The Block, Bernstein analyst Gautam Chhugani lowered Circle (CRCL) price target from $190 to $140, but maintained an "outperform" rating, implying approximately 118% upside from the current share price of $64.32. Bernstein expects Circle's Q2 performance to be largely flat, with USDC supply decreasing from $77 billion at the end of Q1 to $73 billion.
Regarding market concerns about the competitive threat of the Open USD alliance, Bernstein believes it lacks cohesion, and Visa also stated it will maintain a multi-currency, multi-chain strategy, and will not bet on a single winner. Additionally, Circle's revenue-sharing agreement with Hyperliquid is expected to transfer approximately $190 million in reserve earnings annually to the latter, with the full impact to be reflected in Q3. Bernstein also lowered its end-of-2026 USDC supply forecast by 37% to $83 billion, but remains bullish long-term on Circle capturing approximately 30% of the global stablecoin market by 2035.
