Bernstein Lowers Price Target on Circle Internet Group Stock
Wall Street brokerage Bernstein has reduced its price target for stablecoin issuer Circle Internet Group (CRCL) from $190 to $140 per share, while maintaining a 'Buy-equivalent outperform' rating. The adjustment comes amid concerns over the Open USD consortium—a group backed by major players like Visa and Mastercard—which launched recently and has contributed to CRCL's stock decline. Despite this, Bernstein analyst Gautam Chhugani argues that Circle remains competitive due to its partnerships with similar entities. CRCL’s current share price is $64.32 as of July 28, meaning the new target implies a potential gain of over 100%. The stock has fallen significantly in recent months—dropping 15% since Open USD's launch and nearly two-thirds year-to-date. Chhugani notes that Visa’s strategy is to remain neutral across multiple stablecoins rather than favoring one, which could limit the consortium’s impact on Circle.
Topics: analyst rating Circle Internet Financial Open USD consortium stock price target