Bernstein Reaffirms Bullish Stance on Circle with $140 Price Target

Wall Street firm Bernstein has reaffirmed its bullish stance on Circle, the issuer of popular stablecoin USDC. The company maintains an Outperform rating and a price target of $140 for Circle's shares.

This prediction implies around 60% upside from the current share price. Bernstein attributes this optimism to various factors, including a rebound in USDC supply, which has increased by about $2 billion over seven days, ending a six-month stagnation period.

USDC has captured more than 60% of trading volume in the stablecoin market and Circle's revenue and net income have grown significantly. Bernstein believes that these trends signal a new growth phase for USDC and the broader stablecoin market.