Bernstein Cuts Circle Target to $140 Amid Weaker Crypto Markets

Bernstein analysts have updated their price target for Circle Internet Group (NYSE: CRCL) to $140, down from the previous $190. Despite this revision, the firm maintains its Outperform rating on the company.

The analysts argue that competitive pressures from the Open USD consortium are overstated and likely to diminish in significance. They point out that Circle has secured memorandums of understanding with several organizations listed in the alliance, including Kakao and Samsung, which suggests limited coordination among members.

Bernstein also notes that Visa has stated its intention to remain multi-coin and multi-chain, focusing on connecting clients to the broader ecosystem rather than selecting winners. This further supports their view that the threat from Open USD is less coherent than perceived.