Bernstein lowered its price target on Circle (CRCL) to $140 from $190 while keeping an Outperform rating, telling clients the Open USD consortium that pressured the stock is a lesser threat than the market believes.
The note, led by analyst Gautam Chhugani and published Wednesday, previews a broadly flat second quarter for the stablecoin issuer.
Circle stablecoin (USDC) ended Q2 at roughly $73 billion in supply, down from $77 billion at the end of the first quarter, though average supply rose modestly to about $76 billion, according to Bernstein.
Yet, Bernstein’s lower target still implies substantial upside.
Circle closed at $64.32 on July 28, leaving the $140 target about 118% above the stock, per the note.
