Bernstein maintains Circle's $190 target price, with approximately 44% upside potential remaining

BlockBeats news, on May 12, Bernstein stated that it maintains its target price for Circle (CRCL) at $190: Although declining interest rates led to an 11% quarter-on-quarter decrease in reserve income, and Q1 revenue of $694 million was slightly below expectations, adjusted EBITDA reached $151 million, exceeding consensus by about 10%. Analysts pointed out that Circle completed a $222 million ARC token pre-sale at a fully diluted $3 billion valuation, and the robust growth in USDC supply, reaching $77 billion (up 28% year-on-year), provides the company with a buffer.

According to Bitget market data, Circle's stock closed at $131.76 on Monday, with the target price suggesting approximately 44% upside. Bernstein reiterated that the imminent launch of Arc Layer 1 mainnet, payment network expansion, and Circle's leading position in AI agent payments (x402 standard) will support USDC's long-term growth and maintain the fiscal year 2026 guidance unchanged.