Bernstein Maintains Circle $190 Price Target, Still Sees About 44% Upside

BlockBeats News, May 12th, Bernstein stated that it maintains a $190 target price for Circle (CRCL): Despite a decline in interest rates leading to an 11% qoq decrease in reserve revenue, Q1 revenue of $694 million was slightly below expectations, but adjusted EBITDA reached $151 million, exceeding consensus by around 10%. The analyst pointed out that Circle completed a $2.22 billion ARC token presale at a fully diluted valuation of $30 billion and saw robust growth in USDC supply reaching $77 billion (up 28% yoy), providing a buffer for the company.

According to Bitget market data, Circle's stock price closed at $131.76 on Monday, implying about a 44% upside potential from the target price. Bernstein reiterated that the Arc Layer 1 mainnet is about to launch, the payment network is expanding, and its leading position in AI-proxy payments (x402 standard) will support long-term USDC growth and maintain guidance for the 2026 fiscal year.