Bernstein Trims Circle Stock Price Target Amid Crypto Market Weakness
Circle Internet Group (CRCL), a leading cryptocurrency firm behind the popular USDC stablecoin, is set to release its second-quarter earnings on August 5. Ahead of this report, Bernstein analysts have adjusted their forecast for Circle's stock price.
Bernstein reduced its target for Circle's stock by 25%, lowering it from $190 to $140. This move comes as the firm has made significant changes to its projections for USDC supply growth.
The USDC stablecoin saw a modest quarter-over-quarter increase in average supply, rising from approximately $75 billion to $76 billion. However, the total USDC supply at the end of Q2 2026 decreased to around $73 billion from $77 billion in Q1.
Bernstein has also lowered its estimate for USDC supply growth, expecting it to reach approximately $170 billion by 2028, down from a previous forecast of $290 billion. This adjustment reflects the firm's recognition of 'crypto market weakness.'