Bernstein Stands Firm on $140 Circle Price Target Amid Growing USDC Adoption

Bernstein analysts are sticking by their bullish call on Circle Internet Group, but they're not relying on Congressional action to make it happen. In a recent note, the firm reiterated an Outperform rating and $140 price target on Circle, citing evidence that USDC adoption is gaining momentum.

The key data point is a 6-month surge in USDC supply, which increased by about $1.7 billion over the past week. Bernstein sees this as the start of a new growth cycle driven by payments, tokenized assets, decentralized finance, and machine-to-machine transactions.

This is in contrast to Mizuho's view that regulatory clarity could erode Circle's economics by inviting competition. However, Mizuho has since upgraded its rating on Circle from Underperform to Neutral, citing reduced concerns about competitive pressure.