Bernstein Reiterates Bullish on Circle: Q2 Performance Eases Stablecoin Competition Concerns, Maintains $140 Target Price
- Bernstein reiterated an 'Outperform' rating on Circle after the company released its Q2 2026 financial results.
- The firm maintains a $140 target price for Circle, viewing its latest performance as a counter-validation of bearish market views.
- Analysts believe that concerns about stablecoin competition and interest rate changes underestimate USDC's long-term growth potential.
- Circle has raised its guidance for 2026 other income and profit margin after distribution costs, expecting approximately $180 million in Arc token pre-sale revenue.
- As of the end of Q2, USDC circulating supply was $73.3 billion, down 5% quarter-over-quarter but up 19% year-over-year.
PANews reported that Bernstein reiterated an 'Outperform' rating on Circle following the release of its Q2 2026 financial results, maintaining a target price of $140. The analysts view the latest performance as a counter-validation of bearish market sentiments.
Concerns regarding stablecoin competition and changes in the interest rate environment are seen as underestimating the long-term growth potential of USDC. Bernstein highlighted Circle's advantages in distribution channels, liquidity, and regulatory compliance.
Circle has raised its guidance for 2026 other income and profit margin after distribution costs, expecting to recognize approximately $180 million in Arc token pre-sale revenue. The firm noted that future revenue opportunities from transaction fees and ecosystem partnerships are not yet fully priced in.
As of the end of Q2, USDC's circulating supply was $73.3 billion, reflecting a 5% decrease quarter-over-quarter but a 19% increase year-over-year. Bernstein believes Circle is transitioning towards payments and broader financial infrastructure, which will drive USDC's next growth phase.
伯恩斯坦重申对Circle的看涨评级：第二季度表现缓解稳定币竞争担忧，维持140美元目标价
PANews报道，伯恩斯坦在Circle发布2026年第二季度财务结果后重申了对该公司的“跑赢大盘”评级，维持140美元的目标价。分析师认为，最新的表现反驳了市场的悲观情绪。
关于稳定币竞争和利率环境变化的担忧被视为低估了USDC的长期增长潜力。伯恩斯坦强调了Circle在分销渠道、流动性和合规性方面的优势。
Circle上调了2026年其他收入和分销成本后的利润率预期，预计Arc代币预售收入约为1.8亿美元。该公司指出，来自交易费用和生态系统伙伴关系的未来收入机会尚未完全反映在当前估值中。
截至第二季度末，USDC的流通供应量为733亿美元，较上一季度下降5%，但同比增长19%。伯恩斯坦认为，Circle正在向支付和更广泛的金融基础设施转型，这将推动USDC的下一个增长阶段。