Bernstein Predicts $230 Price Target for Circle Stock
Research firm Bernstein has begun coverage of Circle, the issuer of the USDC stablecoin, with an "outperform" rating and a $230 price target.
Bernstein Sees Big Upside for Circle, Sets $230 Target on CRCL Stock
Analysts say Circle is positioned to lead the digital dollar space as stablecoins evolve beyond crypto markets into mainstream financial infrastructure.
Circle went public on June 5 under the ticker CRCL in a widely anticipated IPO that was 25 times oversubscribed. The stock surged 167% on its debut before peaking above $292 and pulling back to close at $180.43 last Friday.
According to Bernstein, Circle holds a “regulatory edge” following the passage of the GENIUS Act, which sets the groundwork for USDC to become the leading regulated stablecoin. Analysts project that stablecoins will grow from $244 billion today to $4 trillion by 2034, fueled by adoption in payments, tokenized assets, and internet-native financial systems.
Circle’s current market share of 25% could rise modestly to 30%, analysts say, while Tether continues to dominate with a 65% share. However, Circle’s deep liquidity and partnerships across both crypto and traditional platforms give it a critical advantage over new entrants still facing distribution and compliance challenges.
Valued at 56x its 2026 EBITDA, Circle trades at a premium — but Bernstein argues that reflects investor demand for pure-play stablecoin exposure. The firm expects revenue to grow at a 47% annual rate through 2027, with EBITDA rising 71% annually. Pullbacks, they suggest, could offer strong entry points.
Circle’s performance also strengthens its partner Coinbase, whose own valuation was recently raised by Bernstein to $510.
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Alexander Stefanov
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