Bernstein has reaffirmed its Outperform rating on Circle with a price target of $140, saying the company's second-quarter earnings refute concerns over rising competition and shrinking reserve income. Analysts also believe the market may be undervaluing Circle's distribution reach, regulatory position, and the incremental revenue from Arc, its Layer 1 network. The update was reported by The Block.
According to The Block, Bernstein has reiterated its Outperform rating on Circle, maintaining a price target of $140. The firm said Circle's second-quarter earnings data pushed back against market worries about intensifying competition and declining reserve income.
Analysts at Bernstein added that the market may be underestimating Circle's distribution capabilities, its regulatory standing, and the extra revenue stream from Arc, its Layer 1 network.
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