Bernstein reduces CRCL target to $140 from $190 but maintains outperform rating, citing overblown Open USD consortium concerns.
Bernstein lowered its price target for Circle Internet Group (CRCL) to $140 from $190 while retaining an outperform rating. The brokerage cited reduced threats from the Open USD stablecoin consortium, which includes Visa and Mastercard, as a key factor in the adjustment.
CRCL stock closed at $64.32 on July 28, reflecting a 15% decline over the past month following the consortium’s launch. The new $140 target implies 118% upside from current levels, though the stock has fallen 65% over the past year.
Analyst Gautam Chhugani argued that fears over the consortium are exaggerated, noting Circle has signed MOUs with many of the same entities. Visa executives also stated they remain “multi-coin and multi-chain,” aiming to connect clients to the stablecoin ecosystem rather than pick winners.